Australia’s New Energy Solar has agreed to sell its 606-megawatt U.S. solar portfolio to MN8 Energy, a Goldman Sachs subsidiary.
The deal is valued at A$352 million ($244.5 million) and is expected to take place before the end of 2023.
New Energy Solar implemented a series of strategic initiatives through 2021, including the sale of its Australian assets, a share buyback and a return of capital to address the discount at which the company has traded on the Australian Securities Exchange. Despite these measures, the trading discount persisted, and in February 2022 the company announced a comprehensive sale process for its U.S. asset portfolio, which consists of 14 solar farms.
New Energy Solar said the purchase price is consistent with the net asset value of its U.S. portfolio.