Scatec Solar Offloads Utah Red Hills Solar Plant

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.