New Energy Solar Limited (NEW), a solar energy investor, announced that it had reached a binding agreement to sell its portfolio of 14 U.S. solar assets to a subsidiary of MN8 Energy, formerly known as Goldman Sachs Renewable Power, for $244.5 Million.

The shareholders are expected to receive an initial return capital of $A0.82 (~$0.56) per share, which is expected to be paid approximately six business days after completion of the proposed transaction.

The balance of net proceeds will be retained to discharge all the company’s liabilities and to meet administration costs until that process is complete, which is expected to occur by the end of 2023.

Last year, New Energy Solar sold its two Australian assets, Beryl (111 MW) and Manildra (56 MW), to Banpu Energy and affiliates for a combined gross asset value of A$288 million (~$222.7 million) and gross equity proceeds, before transaction costs, of A$105.4 million (~$81.5 million).

The proposed transaction represents the sale of NEW’s major undertaking and, if the transaction conditions are met, will eventually result in the de-listing of NEW from the ASX and the winding up of the Company.

RBC Capital Markets, Ashurst, and Foley & Lardner are acting as advisers for NEW.

Earlier this week, Albioma, an independent renewable energy producer, acquired 31.6 MW of solar projects from GreenYellow, a decentralized solar photovoltaic production company in France and Brazil. The portfolio consists of six photovoltaic projects in Brazil and is fully operational. The acquisition of this portfolio marks Albioma’s entry into solar power in Brazil.

According to Mercom’s 1H and Q2 2022 report, 66 large-scale solar projects were acquired in Q2 2022 compared to 82 transactions in Q1 2022.

Sonnedix, an independent power producer, has completed the acquisition of 117.8 MW of portfolio of solar PV projects from Graziella Holding and other minority sellers. The portfolio consists of two solar PV projects: Sonnedix Cagliari, of 69.5 MW, and Sonnedix Nuoro, of 48.3 MW, located in Sardinia, Italy. All projects in the portfolio are in the ready-to-build stage.