Power REIT (PW), an investment trust that acquires land for infrastructure and renewable-energy assets, completed a purchase in California and established a credit line of $26 million.
The 450-acre purchase in Kern County will be the site of a 60-megawatt photovoltaic plant that’s expected to be finished this year, West Babylon, New York-based Power REIT said today in a statement. The trust will lease the land to the project developer.
The credit line is funding a portion of the Kern County acquisition and may be used for future purchases or to refinance existing debt, according to the statement.
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