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Greenbacker to sell solar portfolio to U.S. Solar Fund
Transactions - OCTOBER 16, 2019

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Greenbacker to sell solar portfolio to U.S. Solar Fund

by Kali Persall

Greenbacker Renewable Energy has signed a deal with U.S. Solar Fund, a London-listed company, to sell its 39-megawatt direct-current solar portfolio in North Carolina.

Financial terms were not disclosed by U.S. Solar Fund, which released a statement announcing the transaction.

Greenbacker says its portfolio powers some 68,000 homes each year. It has 141 assets spanning 20 states, valued at $545 million.

The portfolio consists of eight operating photovoltaic parks, which are supported by long-term power-purchase agreements with investment-grade offtakers.

New Energy Solar Manager, U.S. Solar Fund’s investment manager, is completing the due diligence and is working toward a binding agreement for the acquisition. NESM has committed more than $900 million to solar plants in the United States and Australia since 2015.

The deal is expected to close later this year.

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