New South Wales based 120MW PV solar farm Metz Solar Farm, previously owned by a consortium of buyers, has been sold by Pinsent Masons to Clenergy, a major renewable company from China.
Metz Solar Farm
The consortium, which included Infinergey and other unnamed investors (we wrote about the Metz farm in August last year), used Pinsent Masons to advise all aspects of the sale, which was the group’s first major project in Australia. Financial specifics are confidential – we reported last year the farm was bought for around $130m so it’d be interesting to see what it was worth to a buyer right now – unfortunately we’ll probably never know. Keep in mind it hasn’t even started construction yet – that will be around Spring of this year – the solar farm is expected to reach completion early 2019.
The Armidale-based farm was 100MW when we looked at it last year, but with the application of Clenergy’s push-pull centralized single-axis tracking architecture, it’s now able to generate 120MW.
Infinergy, who are more known for wind power according to PV Magazine, have put themselves “on the map” with this project – they are now looking to get development and grid connection approvals for 300MW by the end of the year, with a focus on utility scale solar in NSW and Victoria.
Pinsent Masons partner Ewan Robertson, who, along with associate Lucy Carter, advised on the sale of the project, was bullish about the state of large-scale renewables in Australia:
“The sale of the Metz solar farm is significant as it not only marks the sellers’ first project sale in the Australian market, it also represents the buyers’ first acquisition in Australia. Further, the speed at which the sale was initiated and completed is a ringing endorsement of the current appetite for renewable energy in Australia,” Robertson said.
“We are delighted to have achieved the successful development and the subsequent sale of Metz Solar Farm, all within a timeframe of 18 months,” said Infinergy CEO Esbjorn Wilmar in a statement.