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US Solar Fund PLC - investment company focusing on owning and operating solar power assets in North America - Signs binding agreement to sell its 50% interest in 200 megawatt Mount Signal 2 asset to MN8 Energy LLC. Says MN8 is a renewable energy business 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 $52.2 million plus a non-refundable option fee of $1 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 says.
US Solar Fund expects the transaction to close in the second quarter of 2023.
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