New Energy proposes sale of $244 million US solar portfolio

New Energy Solar, an Australian firm, has entered into a binding agreement with a subsidiary of MN8 Energy, formerly known as Goldman Sachs Renewable Power, to sell its US solar asset portfolio for A$352 million. The portfolio consists of 14 solar assets, and the deal would result in New Energy Solar being closed. Shareholders of New Energy Solar will initially receive A$0.82 for each share within six business days of the proposed deal, as per the provisions of the legally binding agreement. The remaining capital returns are anticipated to range from $0.13 to $0.163 for each share. After New Energy Solar closes, which is anticipated to happen before the end of 2022, this will be obtained.

In April 2022, Allete completed the previously announced acquisition of New Energy Equity for $165.5 million. Allete signed a binding agreement to acquire 100 per cent of stake in New Energy Equity in March 2022. New Energy Equity is a distributed solar developer based in Annapolis, Maryland, that has completed over 250 distributed solar projects in the US totaling over 330 MW. New Energy Equity has an approximately 2 GW project pipeline spread over 26 states in the US.

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