Emerging renewable energy-focused investment fund New Energy Solar Ltd (ASX: NEW) has entered into a binding agreement with Clean Energy Finance Corporation to establish a $50 million acquisition facility.
But the uptake is only the start for New Energy Solar, with share prices up 0.6% to $1.49 at the time of writing.
New Energy recently announced the acquisition of its first solar plant in Manildra, New South Wales, with plans to expand its portfolio with similar acquisitions in the future with the company on the lookout for investments that support the “decarbonisation of Australia’s electricity network”.
The utility space is dominated by Origin Energy Ltd (ASX: ORG) and AGL Energy Ltd (ASX: AGL) with AGL leading the way in terms of throwing its weight behind the burgeoning renewables sphere, with hydro, wind, landfill gas, solar and biomass assets under its belt.
ASX-listed New Zealand electricity company Mercury NZ Ltd (ASX: MCY) is also focused on renewable sources, with the recent acquisition of Tilt Renewables Limited.
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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.