Genex enters sale agreement for acquisition of 50 MW solar project from Vast Solar

Genex Power Limited has entered into a Sale and Purchase Agreement with Vast Solar Pty for the acquisition of the 50 MW Jemalong Solar Project development, located near Forbes in the central west region of New South Wales, Sydney, Australia. 

The deal remains subject to a number of Conditions Precedent (CPs) including achieving satisfactory Generator Performance Standard (GPS) approvals from the Australian Electricity Market Operator (AEMO) for the Project. Under the terms of the acquisition, the vendor will continue to progress the development of the Project including finalising the grid connection negotiations with Essential Energy and AEMO. The acquisition is contingent upon all CPs being met by the vendor by the end of February 2019.

The single axis tracking project is well-advanced, with all necessary land and development planning approvals secured and significant progress made towards finalising the grid connection works. 

Genex intends to finance construction either on a solely merchant basis given the strong NSW price forecasts, or under a potential offtake arrangement with the final financing decision to be made closer to financial close. Given the project’s advanced status, Genex anticipates reaching financial close in H1 2019.