Emerging sustainable investment fund with a focus on solar farms, New Energy Solar Ltd (ASX: NEW) has continued to expand its Australian portfolio with the acquisition of 108-megawatt Beryl Solar Power Plant in NSW.
The acquisition will cost New Energy $187 million in construction costs but is backed by a 15-year power purchase agreement from Transport for NSW.
The acquisition will be funded in part by a share purchase plan and consolidates New's relationship with US-listed First Solar Inc. – Beryl was acquired from a subsidiary of First Solar.
New is heavily focused on growth, signing a binding agreement late last month with Clean Energy Finance Corporation for a $50 million acquisition facility to assist in its portfolio expansion.
The leader of the pack in terms of renewable energy investment is AGL Energy Ltd (ASX: AGL) with hydro, wind, landfill, gas, solar and biomass assets, but while peer Origin Energy Ltd (ASX: ORG) is behind AGL in terms of renewables uptake, it maintains a huge market share of utility customers across the country.
