New Energy Solar (NEW) has entered into binding agreements to acquire the Beryl Solar Farm (Beryl) from a subsidiary of First Solar. Beryl is the second project that NEW has acquired from First Solar in Australia, following the announcement of the acquisition of the Manildra Solar Farm.
Under the agreements, and subject to the satisfaction of conditions precedent, NEW will acquire a 49 percent interest in Beryl shortly after construction has commenced. Once Beryl reaches commercial operation (targeted for mid-2019), and
subject to remaining consents and conditions, NEW will acquire the remaining 51 percent.
Beryl is located approximately 0.62 miles west of Gulgong, NSW, in one of the three priority renewable energy zones identified by the NSW Government. On full commercial operation, the plant will sell approximately 134,000 MWh of electricity per annum to Transport for NSW (TfNSW) under a 15-year power purchase agreement (PPA) to meet the electricity requirements of the Sydney Metro Northwest railway.
Total construction cost is expected to be approximately A$187 million ($138 million).
First Solar Energy Services will provide construction management services and, once completed, operations, maintenance and asset management services to the project.
