New Energy Solar enters into binding agreements to acquire 87 MW solar project in NSW

New Energy Solar has entered into binding agreements to acquire the Beryl Solar Farm from a subsidiary of First Solar. Under the agreements, NEW will acquire a 49% interest in Beryl shortly after construction has commenced. Once Beryl reaches commercial operation (targeted for mid-2019), NEW will acquire the remaining 51%.

Beryl is located approximately 5km west of Gulgong, New South Wales, south-east Australia, 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.