First Solar – Manildra Solar Farm | KPMG | AU
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First Solar – Manildra Solar Farm

First Solar – Manildra

KPMG acted as financial and tax adviser to First Solar on its sale of the Manildra Solar Farm to New Energy Solar.

KPMG acted as adviser to First Solar on its sale of the Manildra Solar Farm.

KPMG acted as financial and tax adviser to First Solar (Australia) on its June 2018 sale of the Manildra Solar Farm to New Energy Solar (ASX:NEW).

The Manildra Solar Farm is a 46.7MWac utility-scale solar development, located near Manildra, NSW. Manildra Solar Farm is already operating and is one of the first constructed solar farms transacted in Australia. The acquisition provides an enterprise value of approximately A$113 million (excluding transaction costs and stamp duty).

 

How KPMG assisted

KPMG supported First Solar with a broad range of services including financial and commercial, corporate tax and stamp duty advice.

As part of the transaction, KPMG provided a range of advice to First Solar, including:

  • transaction structuring and options analysis to ensure that the optimal structure was taken to market 
  • identification, management and negotiation with bidders
  • management of due diligence providers ensuring efficient and effective due diligence processes 
  • working with legal advisers to ensure documentation reflected the preferred commercial outcomes 
  • managed interfaces with key transaction participants, including lenders and contractors 
  • project management including process and data room management 
  • financial modelling.

 

The deal is another example of KPMG’s work in the renewable energy markets including acting as commercial, financial and tax adviser to:

  • First Solar on the debt raising for Beryl Solar Farm
  • Goldwind on the acquisition and debt raising for Stockyard Hill Wind Farm
  • Edify Energy on the sale of Daydream Solar Farm and Hayman Solar Farm to BlackRock
  • Goldwind on the sale of Cattle Hill Wind Farm to PowerChina.

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