First Solar – Beryl Solar Farm | KPMG | AU
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First Solar – Beryl Solar Farm

First Solar – Beryl

KPMG acted as a financial and tax adviser to First Solar on the sale of Beryl Solar Farm.

KPMG acted as a financial and tax adviser to First Solar on the sale of Beryl Solar Farm.

KPMG Australia acted as financial and tax adviser to First Solar on its July 2018 sale of the Beryl Solar Farm (Beryl) to New Energy Solar. First Solar Inc is a Nasdaq-listed manufacturer of solar panels, which also has substantial project development capabilities.

Under the sale agreements, and subject to the satisfaction of conditions precedent, will acquire a 49 percent interest in Beryl shortly after construction has commenced. Once Beryl reaches commercial operation (targeted for mid-2019), and subject to remaining consents and conditions, will acquire the remaining 51 percent.

KPMG Australia also advised First Solar on the debt raising for the Beryl Solar Farm, providing support to First Solar’s in-house project finance team. Debt was provided by three multinational banks (Société Générale, Mitsubishi UFJ Financial Group and Mizuho Bank).

Beryl Solar Farm is an 87MW utility-scale solar development, located near Gulong, NSW. Total construction cost is expected to be approximately A$187m. The project will generate approximately 150 jobs during peak construction and utilise about 260,000 of First Solar’s Series 6 thin-film photovoltaic modules. On full commercial operation, the plant will sell approximately 134,000 MWh of electricity per annum to Transport for NSW under a 15-year power purchase agreement (PPA) to meet the electricity requirements of the Sydney Metro Northwest railway.

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

  • First Solar on the debt raising for Manildra Solar Farm
  • First Solar on the debt raising and sale of 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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