John Laing Group's U.S. solar buying spree shows no signs of slowing as the London-based asset manager awaits approval of its fifth acquisition since September.
The investor is preparing to take ownership of the 52 MW Buckleberry Solar farm in Pitt County, N.C., which was recently completed and is expected to come online by the end of the year, subject to U.S. Federal Energy Regulatory Commission approval.
John Laing and the seller, Cypress Creek Renewables, have asked FERC to authorize the deal by Dec. 21 so that it can close by the end of the year.
Anthony Phillips, John Laing’s Los Angeles-based regional managing director for North America, declined to comment on the financial terms and the identities of any advisers. Spokespeople for Cypress Creek did not respond to inquiries by press time.
The Buckleberry project will sell its output to Duke Energy Progress under a 10-year power purchase agreement.
Its original developer, Carolina Solar Energy of Durham, is the engineering, procurement and construction contractor.
John Laing's initial foray into the U.S. solar market came in September with its acquisition of Cypress Creek's stakes in two development-stage projects in North Carolina, namely the 50.2 MW Brantley Farm project in Nash County and the 57.5 MW Fox Creek facility in Franklin County (PFR, 9/20).
Last month, the British buyer added two more Cypress Creek solar projects in North Carolina to its portfolio (PFR, 10/18). The projects, Innovative Solar 54 and Innovative Solar 67, total 83.1 MW and had a price tag of $34.8 million. They are expected to be online by the end of the year.
Before its recent splurge on solar in North Carolina, John Laing already owned stakes in the 30 MW Sterling I wind farm in Tatum, N.M., and the 100.5 MW Buckthorn and 149.5 Rocksprings wind projects, both in Texas.