New Energy Solar aims to acquire $230 million through listing at ASX

photonJanuary 21, 2018132

Australian investment company New Energy Solar Ltd. targets to acquire up to AUD 300 million (USD 230 million) through its upcoming listing at the Australian Securities Exchange (ASX). New Energy Solar is a sustainable investment business focused on investing in large-scale solar power plants. According to the company, the proceeds will assist in funding current acquisitions and future opportunities to grow New Energy Solar. The business has majority interests in four utility scale power plants in the United States: two in North Carolina and two in California. Fully operational and with a total capacity of 225 MW, these four plants generate electricity that is sold at agreed prices under long term power purchase agreements (PPAs) of between 10 and 25 years. The energy purchasers include Stanford University and Duke Energy.

A subsidiary of the company recently agreed to acquire a 130 MW portfolio of 14 solar power plants to be developed in North Carolina and Oregon by Cypress Creek Renewables (CCR). Construction of these new plants is expected to commence before the end of 2017 and all 14 are expected to be completed and operational by the end of 2018, says New Energy Solar.

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