Ecofin US Renewables acquires 13.7-MW solar project in Minnesota

• Ecofin US Renewables Infrastructure Trust PLC (LON: RNEW) said on Monday it had actually recently closed the procurement of a 13.7-MW solar project located in the US state of Minnesota, the initial in a portfolio of 12 solar PV projects that the UK-based investor is targeting to acquire.

The acquired project and the continuing to be 11 belong to the supposed Echo Solar Portfolio, which Ecofin agreed to acquire from a concealed party in July 2021.

The Echo Solar projects have an aggregate asset value of around USD 95 million (EUR 80.9 m), and also will certainly bring some 68 MW of capability under Ecofin's wing when totally on the internet.

Currently, every one of the projects in the portfolio are incomplete, Ecofin said. They will certainly be settled as well as begin procedures in stages beginning in the initial quarter of 2022.

The Minnesota project gain from a 25-year power purchase contract (PPA) with an "financial investment grade rated utility", the investment firm claimed.

The continuing to be 11 projects are progressing their project landmarks. Ecofin said that there will be extra project closings in the near term.