The Fund buys majority equity stakes, through holding companies, in U.S. solar projects that are near completion but not yet placed in service: residential rooftop portfolios, community solar and utility-scale facilities. Its aim is to pass federal solar investment tax credits and accelerated depreciation through to investors in the year the projects go into service, along with annual project cash flow. Projects are held through the five-year tax credit compliance period and then sold or liquidated. At the PPM date only non-binding term sheets were in place, so the portfolio was a blind pool.