Herbert Smith Freehills advised New Energy Solar Limited (ASX:NEW) on the deal.
New Energy Solar Limited (ASX:NEW) sold the Beryl and Manildra solar farms to Banpu Energy. The combined gross asset value of the sale is A$288 million, with equity proceeds to New Energy Solar of A$105.4 million.
Located in Central West NSW, the Beryl and Manildra solar farms are operational assets with generation capacities of 111MWDC and 56MWDC respectively. The solar farms have long term power purchase agreements with Transport for NSW, EnergyAustralia and Kellogg’s Australia and are each separately project financed.
The sale follows a competitive auction process involving more than 30 interested parties and continues a trend of high quality renewables portfolios in Australia attracting strong interest from both domestic and foreign buyers. The sale will assist New Energy Solar to repay group debt, reduce gearing and undertake a buy-back of New Energy Solar securities. New Energy Solar will now focus on its renewable energy business in the United States.
The Herbert Smith Freehills team was led by energy and infrastructure partner David Ryan (Picture), senior associate Codie Asimus and associates Michael Trent and Blair Feng. Partner Elizabeth Charlesworth, executive counsel Amelia Fleming and senior associate Gabby Herron-Cartwright assisted with financing aspects.
Involved fees earner: Codie Asimus – Herbert Smith Freehills; Elizabeth Charlesworth – Herbert Smith Freehills; Amelia Fleming – Herbert Smith Freehills; Gabby Herron-Cartwright – Herbert Smith Freehills; David Ryan – Herbert Smith Freehills; Michael Trent – Herbert Smith Freehills;
Law Firms: Herbert Smith Freehills;
Clients: New Energy Solar;