US Solar Fund PLC on Dec. 10 announced its acquisition of six solar projects in North Carolina with a combined capacity of 39 MW from a subsidiary of Cypress Creek Renewables LLC.
The initial exclusivity arrangement involved the purchase of about 90 MW of projects, but US Solar Fund said it will instead acquire the smaller subset of six projects. The acquisition is expected to close in December, coinciding with a tax equity financing and the start of construction of the facilities.
US Solar Fund plans to fund the acquisition and construction of the portfolio with $35 million in cash. The fund may consider raising debt during construction or when the portfolio is operational.
Construction of all projects is expected to be completed in the second half of 2020. Each facility in the portfolio holds a power contract with subsidiaries of Duke Energy Corp. for an average term of 13.2 years.
Cypress Creek will operate and maintain the facilities.