June 25 (Solar) – Australian investment company New Energy Solar (ASX:NEW) on Monday said it has agreed to acquire the 46.7-MW Manildra solar farm in Australia from a subsidiary of First Solar Inc (NASDAQ:FSLR).
Located in New South Wales and using First Solar thin-film photovoltaic (PV) modules, the solar farm is already generating power for the National Electricity Market. Once it becomes fully operational, the facility will sell power and Large Scale Generation Certificates (LGCs) to electricity retailer EnergyAustralia under a 10-year power purchase agreement (PPA), which can be extended to December 2030.
The enterprise value of the acquisition is about AUD 113 million (USD 83.7m/EUR 71.6m).
Via the deal, NEW, which listed in late 2017, is acquiring its first Australian asset. The company said that the solar farm is complementary to its US assets and represents a foothold for growth in Australia.
Following completion of the Manildra purchase and start-up of NEW's committed and in-construction assets in the US, the firm's portfolio will consist of interests in over 730 MW direct current (DC) of solar projects in the US and Australia.
(AUD 1 = USD 0.740/EUR 0.634)