The consideration for Project Sunshine was determined on a willing-buyer willing-seller basis, considering the strategic merits, project quality, prevailing market condition and financials via customary valuation techniques. This investment will be funded through internal funds. The proposed transaction is expected to be completed by end-December and is subject to fulfilment of conditions precedent.
Metis Energy, through its wholly-owned subsidiary Athena Energy Holdings has signed a conditional sale and purchase agreement to acquire a 100% equity interest in a solar farm (111 MWp DC/ 94 MW AC) utility-scale project which is in the final stage of development completion (Project Sunshine) for A$12 million ($11.5 million).
The consideration includes the settlement of outstanding debt of the target company on completion. The target company has secured a 30-year land lease and strong support by local government, industry and the surrounding community. After completion of the acquisition, Project Sunshine will provide Metis with another key milestone in driving further growth in Australia. The group will provide further announcements in due course.
