Solar developer Heelstone Renewable Energy, an Ares Management Corp. portfolio company, has agreed to sell an operating portfolio to a foreign investor.

London Stock Exchange-listed US Solar Fund today announced it had executed binding agreements to acquire the 130 MW portfolio, which comprises 22 assets across North Carolina, Oregon and California.

Heelstone's long-time financial adviser Marathon Capital ran the sale process. The investment bank had been officially engaged in September and the initial plan was to launch a broad process.

However, the sellers had productive discussions with a few potential buyers during the pre-marketing phase, which ultimately led to the sale agreement, says a deal watcher. The deal is expected to close next month.

The plants were brought online between 2016 and 2018 and sell their output under fixed-price power purchase agreements to offtakers with S&P Global Ratings credit ratings ranging from B+ to A.

The portfolio has a weighted average remaining contract life of 12 years.

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