New Energy Solar offloads 167 MW Aussie solar projects

New Energy Solar has confirmed it will sell off its Australian portfolio to Banpu PCL. The company is shifting attention to the US where 14 of its 16 assets are located, to simplify its business and avoid Australian regulatory uncertainty.

New Energy Solar will offload the 111 MW Beryl and 56 MW Manildra solar farms in New South Wales. The two assets together have a book value of AUD288 million (US$223.4 million).

The sale is subject to regulatory clearance by the Foreign Investment Review Board (FIRB) and is due to be completed within two months.