US Solar Fund is in talks to buy a 39MW operating utility-scale solar power portfolio in North Carolina from Greenbacker Renewable Energy.
The infrastructure investment fund focused on the Americas said it has entered exclusivity talks to buy the portfolio of eight projects backed by long-term power purchase agreements.
The London-listed firm said its investment manager New Energy Solar Manager is completing due diligence and working towards a binding agreement to acquire the portfolio.
USF said it expects to complete the acquisition this year, subject to the completion of appropriate due diligence and documentation.
Liam Thomas, CIO for New Energy Solar Manager, said: “As the portfolio is already operating and will generate revenue for USF upon acquisition, it will complement USF’s existing asset, which is currently under construction.
“We look forward to further updating investors as this and other pipeline transactions progress.”
Charles Wheeler, CEO of Greenbacker Renewable Energy, said: “We are very pleased to demonstrate our ability to aggregate transactions into portfolios that are attractive to quality institutional investors such as US Solar Fund.
“We continue to execute our disciplined strategy of acquiring renewable energy assets and bringing them full cycle for our investors when the time is appropriate.”