New Energy Solar acquires NSW solar project

New Energy Solar has entered into an agreement to acquire the 48.5MW Manildra Solar Farm in New South Wales.

New Energy Solar will purchase the project from a subsidiary of First Solar for $113 million.

Using First Solar’s advanced thin film photovoltaic solar modules, Manildra is already operating and delivering electricity into the National Electricity Market (NEM).

Once full commercial operation is achieved, the plant will sell power and Large Scale Generation Certificates (LGCs) generated to EnergyAustralia.

“We have now added a very high-quality, operational asset in Australia to our existing portfolio of 20 power plants in the United States,” New Energy Solar CEO John Martin.

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

CEFC CEO Ian Learmonth said the company’s plans to expand its portfolio with Australian solar farms 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,” Mr Learmonth said.

The Manildra Solar Farm will sell electricity under a 10-year power purchase agreement (PPA) to EnergyAustralia, with an option to extend to December 2030.

Constructed by RCR, the plant is expected to generate more than 118,000MWh of electricity annually.

First Solar Energy Services will provide operations, maintenance and asset management services to the project under long-term contracts.