Sky Solar Holdings, Ltd. (NASDAQ:SKYS) (“Sky Solar” or the “Company”), a global developer, owner and operator of solar parks is pleased to announce the completion on July 15th of its previously announced acquisition of a combined 22 MW of solar parks from Greenleaf-TNX and SunPeak Universal Holdings, Inc. (“Selling Group”).
Pursuant to the agreement with the Selling Group announced on May 9, 2016, Sky Capital America Inc., Sky Solar’s wholly-owned U.S. subsidiary, acquired 22 operating solar facilities in California and 1 operating solar facility in Massachusetts for a combined 22 MW from the Selling Group. The transaction is for a combined purchase price of approximately US$56.9 million, less the amount of existing financing on the facilities of approximately US$21.7 million. The 22 MW of operating assets have a remaining combined average power purchase agreement length of over 15 years. As part of the transaction, Sky Solar issued 29.5 million restricted ordinary shares (1 American Depositary Share represents 8 ordinary shares) and paid US$9 million in cash to the Selling Group.
Mr. Sanjay Shrestha, President of Sky Capital, commented, “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.”