Solar Farm Pricing

Anybody have experience with solar farms?  I'm trying to figure out pricing for an existing 20 acre solar farm < 20 years on the lease, and an adjacent 50 acre vacant parcel in Hawaii.

I'm trying to understand a few things:  All this assumes contract pricing with a state Elec. Co. 

1) What is the market pricing for existing leases >20 years, and <20 years? As in priced like a NNN lease / going in cap rate.  Either to buy the land fee outright or just the leasehold for 20-30 years?   

2) How do developer's price the land / what yield are they looking for?  

I've learned that the developers will tie up the land for 3-5 years with options to setup the solar deal operator, and have option to purchase fee, then flip to a yield buyer.  

Anybody have rule of thumb costs for development/acre? 

Thanks in advance!

 
 
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