Oslo-headquartered Scatec Solar ASA has decided to exit the U.S. solarpower development market after agreeing to sell the 104-MW DC solar facility inUtah to a MacquarieInfrastructure Corp. subsidiary.
Scatec will sell 100% of the sponsor equity in the IronCounty-based facility to MICRenewable Energy Holdings for $28 million, according to an Oct. 3release.
According to Scatec, the consolidated book value of itssponsor equity in the project is $21 million, while the total balance sheetvalue is $137 million, including project finance debt.
The transaction, subject to FERC approval and othercustomary closing conditions, is expected to close before the end of 2016.
Red Hills Park came online in December 2015. It will start selling power toBerkshire HathawayEnergy subsidiary PacifiCorp under a 20-year contract in December.