Sky Solar wraps up acquisition of 22 MW of US plants

July 22 – Hong Kong-based independent power producer Sky Solar Holdings Ltd (NASDAQ:SKYS) said today it has finalised the acquisition of 22 MW of solar power plants in the US from Greenleaf-TNX and SunPeak Universal Holdings Inc.

As announced in May, the company’s local unit Sky Capital America Inc entered into definitive agreements to buy 22 operating solar arrays in the state of California and one PV installation in Massachusetts. These solar systems have a remaining combined average power purchase agreement (PPA) length of over 15 years.

The transaction is for a combined purchase price of about USD 56.9 million (EUR 51.6m), less USD 21.7 million worth of existing financing on the facilities. Sky Solar covered the sum with the issuance of 29.5 million restricted ordinary shares and a cash payment of USD 9 million.

“Going forward, we will continue to actively seek opportunities to further strengthen our position in the US market,” said Sanjay Shrestha, president of Sky Capital.

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