US Solar Fund Acquires and Finances 128 MW Solar Plant in Utah

Newly formed, US Solar Fund (USF) has recently announced that it has closed the acquisition and financing of 100 percent of the cash equity interests in the 128 MW Milford Solar Project under development in Utah. Construction on the project is expected to begin immediately with full commercial operations expected before the end of 2020. The Company first announced the acquisition on July 23, 2019, and has now successfully closed the financing for the project. The Project is in Beaver County, approximately six miles north of Milford, Utah. Milford is expected to be operational in late 2020 and, will sell 100 percent of the power and renewable energy credits generated at a fixed price for 25 years to PacifiCorp, a wholly-owned subsidiary of Berkshire Hathaway Energy. PacifiCorp has further contracted to sell all the renewable attributes associated with the Project to a retail customer. USF will acquire Milford from developer Longroad Energy Partners. The Project will be constructed on a fixed-time and fixed-cost basis by McCarthy Building Companies, one of the largest construction companies in the US with over 2.8GW of solar and energy storage projects designed, constructed or completed since 2013.

Spotlight

Spotlight

Related News