US Solar Fund says MN8 exercises option for stake in Mount Signal 2

(Alliance News) - US Solar Fund PLC on Monday said that renewable energy business MN8 Energy PLC ...

Alliance News 23 January, 2023 | 3:50PM
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(Alliance News) - US Solar Fund PLC on Monday said that renewable energy business MN8 Energy PLC has exercised its option for a 50% interest in US Solar Fund's Mount Signal 2 asset.

US Solar Fund is an investment company focusing on owning and operating solar power assets in North America and other Organisation for Economic Co-operation & Development countries in the Americas.

MN8 Energy was formerly known as Goldman Sachs Renewable Power LLC.

The option gives MN8 the right to acquire a 50% stake in the Mount Signal 2 asset for USD52.2 million plus a non-refundable option fee of USD1 million.

MS2 sale will imply a gross return of around 11% per year since US Solar Fund announced the agreement to acquire up to 50% of MS2 from New Energy Solar in December 2020, it said.

It expects to execute binding sale documents in the first quarter of 2023.

Shares in US Solar Fund were down 0.3% to USD0.83 each in London on Monday afternoon.

By Greg Rosenvinge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Rating
US Solar Fund Ord 0.47 USD 0.00 -

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