US Solar Fund, New Energy Solar sign deal for 200 MW MS2 solar project stakes deal

US Solar Fund Plc has entered into an agreement with an Australian solar farms investor and operator New Energy Solar Ltd for the acquisition of up to 50% stakes in the 200 MW Mount Signal (MS2) solar photovoltaic project located in the Imperial Valley in Southern California, USA. 

USF will acquire a 25% stake in the project for US$23 million and an option for an additional 25% within 12 months from the purchase for US$21 million to US$23 million.

The project has been in operation since December 2019. It has a 20-year power purchase deal with Southern California Edison (SCE) for the entire energy produced from the plant. 

The initial transaction is expected to close by the first quarter of 2021.