Sky Solar Holdings Completes 22 MW Of Solar Parks Acquisition In The U.S.

Sky Solar Holdings, Ltd. SKYS disclosed the completion of its previously announced acquisition of a combined 22 MW of solar parks on July 15 in the United States from Greenleaf-TNX and SunPeak Universal Holdings, Inc. According to the company, the combined acquisition price was about $56.9 million, less the amount of existing financing on the facilities of approximately $21.7 million.

Sky Solar Holdings said that following the agreement with the Selling Group, its American subsidiary, Sky Capital America Inc., acquired 22 operating solar facilities in California, as well as, one operating solar facility in Massachusetts for a combined 22 MW from the Selling Group.

The company indicated that 22 MW of operating assets have a remaining combined average power purchase deal period of more than 15 years. As part of the transaction, the company issued 29.5 million restricted ordinary shares (1 American Depositary Share represents 8 ordinary shares) and paid $9 million in cash to the Selling Group.

Sky Capital President, Sanjay Shrestha, said, "We are very pleased to announce the completion of this acquisition, which adds high quality assets to our growing portfolio in the U.S. as well as attractive cash yields over the life of the projects. Going forward, we will continue to actively seek opportunities to further strengthen our position in the U.S. market."

The stock shed 0.70 percent on Friday.