New Energy Solar Ltd (ASX:NEW) pushes forward with power plant pick up

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.

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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.

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