Allens advises First Solar on Manildra Solar Farm sale

Allens has advised First Solar on its agreement to sell the Manildra Solar Farm to New Energy Solar.

The acquisition is based on an enterprise value of approximately $113 million (excluding transaction costs and stamp duty).

Located in Central-Western NSW, the 46.7MWAC plant is expected to generate more than 118,0000 megawatt hours of electricity annually. This was announced as being equivalent to displacing more than 91,000 tons of CO2 emissions each year, powering 14,000 average NSW homes or removing 24,000 cars from the road.

The deal builds on Allens' existing work with First Solar on Manildra Solar Farm's financing and power purchase agreement.

'This deal is the culmination of a number of years of work together for Allens and First Solar on the Manildra Solar Farm,' said lead Partner Kate Axup.

'We are currently seeing a significant amount of investment activity in the Australian renewables market, and we are delighted to see First Solar achieve such a great outcome.'

Allens is a leading adviser on large-scale renewables projects, including corporate PPAs. Recent examples of the firm's work in this space include the development and financing of the Stockyard Hill Wind Farm project and acting for Orora Limited in relation to corporate PPAs with the Clements Gap wind farm and the Lal Lal wind farm project.

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