US Solar Fund (USF), a British investment company, has agreed to acquire the 128-megawatt Milford Solar Project in Longhorn, Utah, from Longroad Energy Partners for an undisclosed amount.
The project operates on a fixed-time and fixed-cost basis, and First Solar Energy Services is expected to provide operations and maintenance services under a separate 25-year power purchase agreement, according to media sources.
USF will reportedly fund the project with a $30 million cash equity contribution and $50 million in non-recourse debt, while the balance will come from tax equity, according to Renewables Now. The company expects to finalize financing for the scheme later in 2019.
The acquisition will reportedly be the first purchase in USF’s pipeline of potential high-quality investment assets, which USF expects to deploy IPO proceeds into in the coming months.
The acquisition is expected to be complete in late 2019.
