US Solar Fund PLC, or USF, has completed the acquisition of the 128-MWdc Milford solar project in Beaver County, Utah, from Longroad Energy Partners LLC.
London-listed USF funded the acquisition and construction of Milford with initial equity of approximately $30 million, plus nonrecourse construction debt from Zions Bancorporation NA and KeyBank NA as joint lead arrangers. Once complete, approximately $50 million of the construction debt will convert to nonrecourse senior debt provided by the same lenders, according to a Sept. 2 news release.
Wells Fargo has committed to provide tax equity funding for Milford upon achievement of construction milestones.
Milford is expected to be operational in late 2020. It will sell its output via a 25-year fixed-price power purchase agreement with Berkshire Hathaway Energy subsidiary PacifiCorp, which will in turn sell all the renewable attributes to a retail customer.
