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US Solar Fund to acquire 61MW of solar power portfolio

Renewable energy fund US Solar Fund (USF) is to acquire 61MW of solar power portfolio.

The fund has entered a period of exclusivity with US solar developer Southern Current to acquire 61MW of Southern Current solar portfolio, consisting of four projects currently in construction in Oregon. The terms of the agreement have not been disclosed.

All four projects – which are expected to starting operations during 2020’s second and third quarters – have long-term power purchase agreements with an investment-grade offtaker. According to US Solar Fund, project construction is underway.

The companies are working towards a binding agreement to acquire the portfolio and USF is expected to complete the acquisition by the first half of 2020.

USF expects to invest in the portfolio with funds available from the 30% of IPO proceeds available before the refinancing of the company’s Heelstone portfolio, consisting of 22 operating solar power projects situated between North Carolina, Oregon and California.

The fund announced on 29 January that it was going to acquire 177MW of solar power portfolio from renewable energy project developer Heelstone Renewable, using available funds. The Heelstone portfolio, combined with three other projects, represents a total commitment of 70% of the net IPO proceeds.

USF share prices have remained stable, around $1.01 in the last few days, after a fall at the end of January, from $1.06 to $1.00.

Marubeni acquires Taiwan’s solar power developer Chenya Energy

General trading company Marubeni has acquired Taiwanese solar power developer and operator, Chenya Energy, from private equity firm I Squared Capital.

As part of the share purchase agreement, Marubeni will purchase Chenya and its solar power generation assets, including a floating solar power plant.

Georgia Capital agrees to buyout of 34.4% shareholder in GRPC

UK-based holding company Georgia Capital has agreed to the buyout of the 34.4% minority shareholder RP Global in its subsidiary Georgian Renewable Power Company (GRPC).

As part of the deal, Georgia Capital will pay a fixed cash consideration of $13.8m, of which $11.8m represents the total contribution received from RP Global.

Northland Power to acquire wind development company Dado Ocean

Canadian power producer Northland Power has signed an agreement to acquire development company Dado Ocean Wind Farm in an effort to expand the offshore wind pipeline in Asia.

Dado Ocean has multiple early-stage offshore wind development sites located near Chodo Island, off South Korea’s south coast.

SSE Renewables sells Irish wind farm to Greencoat UK

SSE Renewables has sold its 100% stake in Slieve Divena II Wind Farm to a renewable infrastructure fund Greencoat UK Wind for £51m.

Located near Ballygawley, County Tyrone, Northern Ireland, Slieve Divena II was developed by SSE Renewables.

WEC Energy to raise stake in three Midwest wind farms

US-based WEC Energy Group has reached an agreement to increase its stake in three Midwest wind farms with an investment of $118m.

The power plants included in the deal are the 250MW Blooming Grove wind farm in Illinois, US, the 300MW Thunderhead Wind Energy Center and the 200MW Upstream Wind Energy Center, both located in Nebraska, US.

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