Sky Solar Holdings, Ltd. and Greenleaf-TNX Management are pleased to announce the execution of the definitive agreements for the acquisition by Sky Solar's wholly-owned U.S. subsidiary, Sky Capital America Inc., of 22 operating solar facilities in California and 1 operating solar facility in Massachusetts for a combined 22MW from Greenleaf-TNX and SunPeak Universal Holdings, Inc.
- The transaction is for a combined purchase price of approximately US$56.9 million, less the amount of existing financing on the facilities of approximately US$21.7 million
- 22MW of operating assets are acquired and have a remaining combined average power purchase agreement length of over 15 years
- The transaction will require the Company to issue approximately 29,519,844 restricted ordinary shares (1 American Depositary Share represents 8 ordinary shares) and pay a further US$9 million in cash.
The transaction is expected to close by the third quarter of 2016 after customary closing conditions, consents and regulatory approvals have been met.
Mr. Sanjay Shrestha, President of Sky Capital, commented, "We are pleased with Sky Solar's acquisition of operating assets in California and Massachusetts with attractive cash-on-cash yield over the life of the projects. This acquisition marks our first step towards building a larger presence in the US market."
"We are pleased to partner with Sky Solar in this transaction. Greenleaf-TNX's focus with this portfolio was to develop, de-risk through early period operation, then transfer solar assets to a high quality long-term operator. Therefore, we are very pleased to have reached agreement with Sky Solar related the sale of these solar assets," said Mr. Charlie Fiechter and Thomas Yap, Managing Members of Greenleaf-TNX.