Power REIT (NYSE: PW) closed on the acquisition of approximately 100 acres of land that supports over 20 MW of utility-scale solar projects located near Fresno, Calif. for $1.6 million. Southern California Edison and Pacific Gas & Electric (NYSE: PCG) will purchase the output under long-term power purchase agreements.
The projects are currently in construction and are expected to begin operation in early 2014. The transaction used acquisition bridge financing provided by Hudson Bay Partners LP. The company intends to refinance the bridge financing with permanent debt and equity financing.
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