Norway-based Scatec Solar ASA has closed the sale of 100% of the sponsor equity in the 104 MW DC Utah Red Hills solar project to MIC Renewable Energy Holdings LLC, a subsidiary of Macquarie Infrastructure Corp. (MIC).
MIC previously announced the deal in October, noting that the acquisition was subject to approval by the Federal Energy Regulatory Commission and other customary closing conditions. Located in Iron County, Utah, the Utah Red Hills facility was completed in December 2015 and has a power purchase agreement with Rocky Mountain Power. MIC said the Utah Red Hills deal was one of three U.S. project acquisitions from Scatec, following two earlier acquired facilities in Hawaii.
According to Scatec Solar, the completed sale of Utah Red Hills generated gross cash proceeds to the company of $28 million, and the consolidated book value of Scatec Solar’s sponsor equity in the project company is $21 million.
After this transaction, Scatec Solar says it holds 322 MW of large-scale solar plants in operation. The company has a backlog of projects with secured long-term off-take agreements of 731 MW across a number of regions, in addition to a project pipeline of about 1.1 GW, the company adds.