US Solar Fund plc has closed the acquisition and financing of 100% of the cash equity interests in the 128MWDC Milford Solar Project.
Construction is expected to begin immediately with full commercial operations expected before the end of 2020.
The Company first announced the acquisition on 23 July 2019, however detailed disclosure was subject to financial close.
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% 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 contracted to sell all the renewable attributes associated with the Project to a retail customer.
PacifiCorp is a US electric power company that primarily operates regulated utilities with a service territory across the US states of Oregon, Washington, California, Utah, Idaho and Wyoming.
USF will acquire Milford from developer Longroad Energy Partners, LLC. The Longroad team has a track record of developing and financing more than 5GW of utility-scale renewable energy projects since 2004, including over 1GW in the state of Utah.
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.
The Project will use First Solar Inc.’s high-performance Series 6 solar panels and First Solar Energy Services is expected to provide operations and maintenance services under a separate long-term contract.
Once operational, the Project will generate over 277,500 megawatt hours of electricity annually. This volume of electricity is equivalent to displacing approximately 235,000 tonnes of CO2 emissions, powering 31,000 homes, or removing 51,000 cars from the road, every year.
© 2019 David Mazor
Disclosure: David Mazor is a freelance writer focusing on Berkshire Hathaway. The author is long in Berkshire Hathaway, and this article is not a recommendation on whether to buy or sell the stock. The information contained in this article should not be construed as personalized or individualized investment advice. Past performance is no guarantee of future results.