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US Solar Fund closes purchase of 5 solar projects in North Carolina

London-based US Solar Fund PLC closed the acquisition of 100% cash equity interests in five operating utility-scale solar projects in North Carolina, accounting for about 28 MWdc.

The company acquired the portfolio from Greenbacker Renewable Energy Co. LLC. The transaction amount was not disclosed.

US Solar Fund plans to close the acquisition of three other projects with combined capacity of 11 MW later in January following final diligence, according to a Jan. 2 news release.

All the projects are contracted under fixed-rate, long-term power purchase agreements with Duke Energy Corp. utilities, with a weighted average term remaining of 10.2 years.