Australia’s Pilot Energy Limited has announced that it has received a non-binding offer from EDP Renewables APAC to acquire its 376 MW Three Springs Solar Project in Western Australia. The proposed acquisition is valued at AUD 11.5 million, pending final due diligence and the execution of an Asset Sale Agreement. The transaction is anticipated to be completed by the end of 2024. The Three Springs Solar Project is part of Pilot Energy’s Mid West Clean Energy Project (MWCEP), which aims to produce low-carbon ammonia through renewable energy and carbon storage. The potential sale comes as Pilot explores new renewable energy sites closer to its ammonia production facility. This move would allow the company to reinvest the sale proceeds into other MWCEP initiatives, including the ongoing development of the Cliff Head Carbon Storage Project. The agreed purchase price of AUD 11.5 million will be paid in stages, subject to the final terms of the agreement.
Pilot Energy to sell 376 MW solar project
With the AUD 11.5 million non-binding offer, EDP Renewables is set to acquire 100% of Pilot Energy’s Three Springs Solar Project. (Image Credit / Source: Vale_Photography / Pixabay)
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