Ashurst advises New Energy Solar on US assets sale
24 August 2022
24 August 2022
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 of US$244.5 million (A$352 million) 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.
Partner Murray Wheater commented:
"We are 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 Ashurst team was led by partner Murray Wheater, who was assisted by counsel Michael Dearden and associates Jack Jones and Jeffrey Zhao (Corporate Transactions) and partner Miriam Kleiner (Legal Governance).