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New Energy Solar to acquire interest in Beryl project
Herbert Smith Freehills has advised New Energy Solar on its acquisition of the Beryl Solar Project from First Solar Inc.
Emma Musgrave
Firms: Herbert Smith Freehills (New Energy Solar); Allens and KPMG (First Solar Inc)
Value: $187 million
Area: M&A, energy and resources
Key players: The Herbert Smith Freehills legal team was led by partner David Ryan, with assistance from senior associate Natalie McDowell and lawyer Michael Trent.
Deal significance: The Beryl solar project has a 15-year power purchase agreement for approximately 134,000 MWh of electricity per annum with Transport for NSW to meet the electricity requirements of the Sydney Metro Northwest railway, according to a statement from HSF.
New Energy Solar’s acquisition of the Beryl solar project comes after it acquired its first Australian asset, the Manildra solar farm, also from First Solar Inc.
“Beryl is an ideal project for our second Australian acquisition, and we are very pleased to have added a project of this scale and quality so soon after Manildra,” said New Energy Solar head of investments Liam Thomas.
“Once completed, approximately 20 per cent of New Energy Solar’s portfolio will be in Australia. The project provides stable A$ cashflow under the long-term PPA with TfNSW. The PPA structure, under which the majority of the offtake is contracted, is consistent with our strategy to secure predictable, low-risk returns for investors.
“At the same time, the uncontracted volume allows us to explore other PPA arrangements, battery storage and other value-enhancing options.”
Emma Musgrave
Emma Musgrave (née Ryan) is the managing editor, professional services at Momentum Media.
Emma has worked for Momentum Media since 2015, including five years spent as the editor of the company's legal brand - Lawyers Weekly. Throughout her time at Momentum, she has been responsible for breaking some of the biggest stories in corporate Australia. In addition, she has produced exclusive multimedia and event content related to the company's respective brands and audiences.
Prior to joining Momentum Media, Emma worked in breakfast radio, delivering news to the Central West region of NSW, before taking on a radio journalist role at Southern Cross Austereo, based in Townsville, North Queensland.
She holds a Bachelor of Communications (Journalism) degree from Charles Sturt University.
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