Banpu nabs NEW solar farms
Thailand’s Banpu has agreed a deal to acquire New Energy Solar’s Australian solar farms.
Street Talk can reveal Banpu and New Energy’s board signed a deal at the weekend which is understood to value the assets at more than $300 million. The deal is expected to be announced on Monday.
Street Talk. Bloomberg
The agreement will see Banpu take control of New Energy’s Manildra and Beryl solar plants in NSW’s central west, which are both 100 per cent owned and provide power under long term contracts to users including Sydney Metro and Kelloggs.
The assets are expected to join Banpu Energy Australia, which was set up to invest in renewable energy assets. Banpu’s best known in Australia for acquiring coal miner Centennial Coal in 2010, paying about $2 billion for the company.
The agreement comes after New Energy Solar had RBC Capital Markets run an auction for the assets, in an effort to close a large discount between the group’s share price and its net tangible asset backing.
The auction saw early interest from a handful of potential acquirers, however Banpu emerged in the latter stages as the most interested. RBC Capital Markets’ bankers collected bids mid last month.
It is understood Banpu was advised by Azure Capital/Natixis.
The two solar farms were on New Energy Solar’s books for $342.3 million at June 30, including debt.
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