Blue Earth Inc. (NASDAQ: BBLU) on Sept. 24 announced that BE Solar Inc., its wholly owned subsidiary, entered into a Letter of Intent (LOI) to purchase all of the membership interests in six separate Special Purpose Entities, comprising the 57.1 MWp Oregon solar portfolio, from Pacific Northwest Solar LLC (PNS) based in Portland, Oregon.
The membership interests of the six project companies are 100% owned by PNS. Although this transaction is subject to several closing conditions, the initial due diligence has been completed, Blue Earth noted.
“We are delighted to have the opportunity to acquire these projects which, upon closing, is expected to be an excellent complement of domestic projects, as we continue to build our solar pipeline,” said G. Robert Powell, CEO of Blue Earth. “We expect to continue to add quality projects in solar and co-generation as we move forward with our focus on power generation.”
Construction of the projects is scheduled to begin in early in the first quarter of 2016 with an expected commercial operation date late in the third quarter of 2016. The offtaker is Idaho Power.
“We look forward to continuing to be very active in the Northwest,” added Ruben Fontes, President of Blue Earth Solar. “This portfolio represents another important step toward solidifying our presence in this region.”