June 7 (Renewables Now) - US Solar Fund Plc (LON:USF) has raised its ownership stake in the 200-MW (DC) Mount Signal 2 solar farm in California to 50%, it said today.
The London-listed renewable energy fund said it reached financial close on its option to acquire a further 25% interest in the Mount Signal 2 plant in a deal that was structured in two tranches.
Back in December 2020, USF struck a binding agreement to take a 50% stake from Australian solar farms investor and operator New Energy Solar Ltd (ASX:NEW) for a total price of between USD 44 million (USD 41.2m) and USD 46 million.
The first tranche was closed for USD 23 million, which the closing price of the second half of the deal was subject to a performance-based adjustment mechanism. In an announcement today, USF did not disclose how much it spent on the second tranche transaction.
The Mount Signal 2 solar farm, or MS2, is located in the Imperial Valley of Southern California. It came online in December 2019, and has been operating under a 20-year power purchase agreement (PPA) with Southern California Edison since June 2020.
(USD 1.0 = EUR 0.937)
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