NEW and CEFC sign agreement for $50m facility

New Energy Solar (ASX:NEW) announced that it has entered into binding agreements with the Clean Energy Finance Corporation (CEFC) for the establishment of a new $50 million acquisition facility. John Martin, CEO of NEW said, “Establishing the facility is an important milestone for NEW to facilitate its growth in the Australian market.

NEW has announced the acquisition of its first solar plant in Australia, Manildra, and the Facility provides NEW with funding flexibility that will assist it to acquire further Australian assets. Australia has enormous renewable energy potential and we look forward to seeing further growth in investment in Australian renewables.”

CEFC CEO Ian Learmonth said, “NEW’s plans to expand its portfolio with Australian solar farms such as Manildra is great news for investors and for large-scale solar in Australia. By working with NEW we’re looking to catalyse further private investment that supports the sector and contributes to the on-going decarbonisation of Australia’s electricity network.”