US Solar Fund enters exclusivity to acquire 90 MW solar portfolio from Cypress Creek Renewables

LONDON: US Solar Fund plc (USF), a newly established investment company focused on investing in solar power assets primarily in the United States, entered exclusivity with US-based solar developer Cypress Creek Renewables to acquire a portfolio of utility-scale solar power projects located in North Carolina and Oregon. [the_ad id=”31605″]The projects have a total capacity of approximately 90MW DC. In keeping with the Company’s investment policy, all have long-term power purchase agreements with investment-grade offtakers with energy delivery expected to commence in 2020 for all projects.  USF’s investment manager, New Energy Solar Manager Pty Limited, is completing due diligence and is working expeditiously towards a binding agreement to acquire the portfolio as well as structuring debt and tax equity finance.

USF expects to acquire the portfolio progressively, as each project reaches a ‘construction-ready’ stage, with the first four projects expected to commence construction early in the second half of 2019.

Including its announcement of exclusivity on a 120 MWDC project last week, USF has now entered exclusive negotiations to acquire projects with a combined capacity of over 200MWDC. These projects are expected to represent a commitment of more than 50% of the available equity from the IPO, approximately $196 million.

Liam Thomas, Chief Investment Officer for New Energy Solar Manager, USF’s investment manager, said: “We are very pleased to be making this second announcement so soon after our initial exclusivity announcement last week. This portfolio acquisition is a further example of how we are converting our identified pipeline of US$4.8 billion of assets into tangible investments leveraging the strong relationships and track record that New Energy Solar Manager has built over the last three and a half years. We look forward to sourcing opportunities for USF investors in the growing US solar market.”

Sarah Slusser, Chief Executive Officer of Cypress Creek Renewables, said: “Cypress Creek is pleased to deepen our partnership with New Energy Solar Manager through this second group of solar projects. Solar energy is growing across the US, and we are proud to develop valuable solar projects that create economic development opportunities in communities across the country.”

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