New Energy Solar is selling a 50% stake in a solar power plant in California to a fund managed by NextEnergy Capital Group for $52m (€46m).
New Energy said it has agreed to sell half of Mount Signal 2 to the NextPowerIII (NPIII) fund, in a deal expected to close in the second half of this year.
John Martin, New Energy Solar CEO, said: “The difficult circumstances of this asset sale could not have been anticipated when we embarked on the process in November last year, but reaching this agreement with a reputable renewable energy investor reinforces what we have been saying about our solar assets since listing at the end of 2017, that is, our net asset values are real and realisable.
“Also, this transaction demonstrates that the transition to renewable generation is a market transformation that won’t be easily de-railed.”
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