13th Oct 2021 22:02
Ecofin US Renewables Infrastructure Trust PLC - London-based investor in US renewable energy assets - Says it completes acquisition of Skillman Solar at the end of September. The project's construction is now substantially completed and the system is expected to be interconnected to the grid and become operational in the fourth quarter of 2021, it says. In addition, buys 2.0 megawatt commercial solar facility Delran Solar asset in New Jersey for USD3.0 million representing its second solar investment in New Jersey. The Delran Solar project has been operating since mid-2020 and will immediately add distributable cash flow in 2021, it says.
"These two high quality solar projects both reinforce the differentiated nature of RNEW through its 15 year fixed price feed-in-tariff for the projects renewable energy credits and a fixed price power purchase agreement with two large corporate customers, that extend for up to a 30 year term for Skillman Solar and 25 years for Delran Solar. Combined, the FIT and PPA fixed price revenue contracts for these acquisitions further mitigate Ecofin US Renewables's exposure to volatile wholesale power prices and provide economical sustainable energy to its customers to decarbonize their operations," it notes.
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By Arvind Bhunjun; [email protected]
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