US Solar Fund plc announced it has executed an acquisition agreement for the Milford Solar Project, a 128MWDC utility-scale solar power project located in Utah, in the western US (the Project). The agreement follows USF's announcement of exclusivity on the Project on 14 June 2019. The Project has executed a 25-year power purchase agreement (PPA), with an investment-grade (S&P rating: A) offtaker, beginning in the second half of 2020. The PPA sets a fixed price for 100% of the electricity produced by the Project for the next 25 years. USF's acquisition is expected to be completed later in 2019, simultaneous with the financial close of debt and tax equity financing, based on term sheets already executed with two commercial banks and a leading tax equity provider, with construction commencing immediately after that. The Project will be constructed on a fixed-time and fixed-cost basis by a leading engineering procurement and construction contractor with a 150-year track record in the US, using First Solar Inc.'s high-performance Series 6 solar panels. First Solar Energy Services is expected to provide operations and maintenance services under a separate long-term contract. The Project is expected to be funded with USF's cash equity contribution of approximately USD 30 million, USD 50 million in non-recourse bank debt finance, and the balance from tax equity. The expected returns from the Project are in line with those anticipated in the Company's investment objective, as set out in its prospectus dated 26 February 2019.