US Solar Fund PLC has entered an agreement to acquire a utility-scale solar portfolio in the U.S. with a combined capacity of 39 MWdc from Greenbacker Renewable Energy Corp.

The portfolio comprises eight projects, located in North Carolina, which are operational and have long-term power purchase agreements with investment-grade offtakers, according to an Oct. 16 news release.

The acquisition is expected to close by the end of 2019, subject to due diligence by the fund's manager New Energy Solar Ltd.

Greenbacker Renewable Energy is owned by Greenbacker Renewable Energy Company LLC.