OLD BETHPAGE, N.Y., May 1, 2013 (GLOBE NEWSWIRE) -- On May 1, 2013, Power REIT (NYSE MKT:PW) announced that it has signed a definitive term sheet for the acquisition of real property related to solar power generation projects that are under development by a leading international developer of solar projects. The Power REIT transaction consists of the acquisition of approximately 100 acres of land in California for approximately $1.6 million. The land is subject to existing ground leases with approximately 20-MW of to-be-constructed solar projects. The solar projects will sell electricity pursuant to existing long-term power purchase agreements with Pacific Gas & Electric (PG&E) and Southern California Edison (SCE).
David Lesser, Chairman and CEO, commented, "We are pleased to work with this well established developer and are excited that we are participating in their growth story through our targeted renewable energy real estate lease structure. We believe Power REIT has an established value proposition that can enhance returns to developers of renewable power projects."
Power REIT plans to finance its real property acquisition through debt and equity and the transaction will be accretive to shareholders upon closing. Power REIT expects to close the transaction in the second quarter of this year, subject to the completion of remaining due diligence by Power REIT and additional customary closing conditions. Additional details of the transaction will be provided at closing.
About Power REIT
Power REIT is a real estate investment trust focused on the acquisition of real estate related to infrastructure assets, with a core focus on renewable energy assets. Power REIT is actively seeking to expand its real estate portfolio within the renewable energy sector and is pursuing investment opportunities within solar, wind, hydroelectric, geothermal, transmission and other infrastructure projects that qualify for REIT ownership. For more information on Power REIT, please visit our website at: http://www.pwreit.com/.
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All forward-looking statements reflect Power REIT's good-faith beliefs, assumptions and expectations, but they are not guarantees of future performance. Furthermore, Power REIT disclaims any obligation to publicly update or revise any forward-looking statements to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes. For a further discussion of factors that could cause Power REIT's future results or financial condition to differ materially from any forward-looking statements, see the sections entitled "Risk Factors" in Power REIT's registration statements and quarterly and annual reports as filed by Power REIT from time to time with the Securities and Exchange Commission.
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