Landmark Infrastructure Partners has bought 4000 acres of land in California for $73m on which utility-scale solar plants developed by Recurrent Energy are situated.
The acquisition, which is subject to customary closing conditions, is expected to close in the fourth quarter of 2016.
The land consists of six renewable power generation tenant sites within four utility-scale solar projects developed by Recurrent, a subsidiary of Canadian Solar, Landmark said.
The portfolio features an average remaining lease term of approximately 34 years, including renewal options, and rental income from the projects, it added.
The projects have long-term power purchase agreements with tenures of 15 to 20 years with companies including Pacific Gas & Electric and Southern California Edison.
Image: Recurrent Energy
Landmark deal signed in California
4000 acres acquired for $73m on which PV projects are located
By EBS