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NEW sells 100% of its solar assets
New Energy Solar has entered into a membership interest purchase agreement with a renewable energy business to sell 100 per cent of its solar assets.
Lauren Croft
Firm: Ashurst (New Energy Solar Limited)
Value: $352 million
Area: Merger and acquisition
Key players: The Ashurst team was led by partner Murray Wheater, who was assisted by counsel Michael Dearden and associates Jack Jones and Jeffrey Zhao and partner Miriam Kleiner.
Deal significance: As part of the deal, NEW entered into a membership interest purchase agreement with a subsidiary of MN8 Energy (MN8) to sell its shares in NES Galaxy LLC, which holds NEW’s interests in 14 solar photovoltaic electricity-generating facilities in the US. MN8 is a renewable energy business established in 2017 as part of Goldman Sachs Asset Management and was formerly known as Goldman Sachs Renewable Power LLC.
The total purchase price is equal to NEW’s net asset value for the US solar assets.
The transaction represents the disposal of NEW’s main undertaking, and completion is subject to NEW shareholder approval and US regulatory approvals. Cash received from the sale will be returned to shareholders via a capital return. NEW will also retain funds to discharge liabilities, conduct a de-listing (subject to shareholder approval) and wind up the business.
Commenting on the deal, the firm said it was “very pleased to have advised New Energy Solar for a number of years across various transactions”.
“Their team has worked extremely hard to achieve an excellent outcome for NEW shareholders through the sale to MN8 Energy and the proposed capital returns and ultimate winding-up of NEW,” the firm stated.
Lauren Croft
Lauren is a journalist at Lawyers Weekly and graduated with a Bachelor of Journalism from Macleay College. Prior to joining Lawyers Weekly, she worked as a trade journalist for media and travel industry publications and Travel Weekly. Originally born in England, Lauren enjoys trying new bars and restaurants, attending music festivals and travelling. She is also a keen snowboarder and pre-pandemic, spent a season living in a French ski resort.
