NEW Energy Solar has agreed to acquire the 55.9MW Manildra Solar Farm, in Central West, New South Wales, from a subsidiary of First Solar for AU$113 million.

The project uses First Solar’s advanced thin-film modules and it is already operating and delivering electricity into the National Electricity Market.

Once full commercial operation is achieved, under a 10-year PPA, the plant will sell power and Large Scale Generation Certificates (LGCs) generated to EnergyAustralia, the third largest electricity retailer in Australia servicing more than 1.7 million customers.

John Martin, CEO of NEW said: “Acquiring Manildra is another impressive growth milestone for NEW Energy Solar. We have now added a very high-quality, operational asset in Australia to our existing portfolio of 20 power plants in the United States. With some of the highest levels of solar radiation in the world, Australia has enormous renewable energy potential and Manildra gives us a strong foothold here.

“As we approach AU$1 billion of portfolio value, there is no doubt that our expertise in selecting and financing these assets is becoming more recognised, and we are delighted to be consolidating our relationship with First Solar through the acquisition of Manildra. Our relationships with solar technology providers, developers, contractors, electricity buyers, and financiers position us well in the global transition to renewable energy.”

NEW Energy Solar has also announced that it has entered into binding agreements with the Clean Energy Finance Corporation (CEFC) for the establishment of a new AU$50 million acquisition facility.

CEFC CEO Ian Learmonth said: “NEW Energy Solar’s plans to expand its portfolio with Australian solar farms such as Manildra is great news for investors and for large-scale solar in Australia. By working with NEW Energy Solar we’re looking to catalyse further private investment that supports the sector and contributes to the on-going decarbonisation of Australia’s electricity network.”