Global law firm Ashurst advised New Energy Solar Limited (NEW) on the sale of 100% of its US solar assets.
NEW has entered into a membership interest purchase agreement with a subsidiary of MN8 Energy (MN8) to sell its shares in NES Galaxy LLC, which owns NEW’s interests in 14 solar photovoltaic power generation facilities in the States -United. MN8 is a renewable energy company established in 2017 as part of Goldman Sachs Asset Management, and was previously known as Goldman Sachs Renewable Power LLC.
The aggregate purchase price of US$244.5 million (AUD$352 million) is equal to NEW’s net asset value for the US solar assets.
The transaction represents the divestiture of NEW’s core business and its completion is subject to NEW shareholder approval and US regulatory approvals. The money received from the sale will be returned to shareholders via a return of capital. NEW will also retain funds to pay off debt, delist (subject to shareholder approval) and liquidate the business.
Partner Murray Wheater commented:
“We are very pleased to have advised New Energy Solar for several years on various transactions. Their team has worked hard to achieve a great outcome for NEW shareholders through the sale to MN8 Energy and NEW’s return of capital and final liquidation proposals.
The Ashurst team was led by partner Murray Wheater, assisted by attorney Michael Dearden and partners Jack Jones and Jeffrey Zhao (Corporate Transactions) and partner Miriam Kleiner (Legal Governance).
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