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WATTS NEWS Week Ending 11 June 2021

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WATTS NEWS Week Ending 11 June 2021 WATTS NEWS Week ending 11 June 2021 New Energy Solar (ASX:NEW) successful Australian asset sale and A$42.9 million for Manildra. The net asset Capital management initiatives value of these plants at 31 December 2020 was A$60.0 million and A$50.5 million to be implemented respectively2. Transaction costs include 7 June approximately A$3 million in adviser costs; a SUMMARY disposal fee payable to the Investment • NEW has entered into binding agreements Manager; and stamp duty will be deducted to sell its two Australian solar farms, Beryl and from the gross asset proceeds. The discount Manildra, to Banpu Energy Australia Pty Ltd to net asset value for Manildra is primarily a (Banpu Energy) (Sale). reflection of the impact of curtailment caused • NEW expects to receive equity proceeds of by grid constraints that have recently A$105.4m before transaction costs from the emerged near the site in the central west of Sale. NSW. • The proportion of the Sale price attributed to the Beryl plant is above the net asset value Banpu Energy is a subsidiary of BANPU Public (NAV) as at 31 December 2020 while the Company Limited, a leading international proportion attributed to the Manildra plant is versatile energy provider based in Thailand, below NAV - reflecting the impact of with total assets of over A$12Bn and 1,073 transmission constraints that have recently MW of committed renewable energy projects. impacted that site. • Transaction close is expected to occur This Sale is one of the initiatives undertaken within two months, and NEW anticipates net by NEW to reduce the gap between its net Sale proceeds will be used to repay debt and asset value and its trading price following the buyback NEW securities. 2020 strategic review of the Business undertaken by RBC Capital Markets. NEW is Australian Asset Sales now well progressed on these initiatives given New Energy Solar1 advises that it has entered the sale of a 25% interest in NEW’s largest into a binding agreement to sell its two plant, Mount Signal 2, in California at the end Australian assets, Beryl (111MWDC) and of 2020, the granting of an option to US Solar Manildra (56MWDC) to Banpu Energy and plc to acquire a further 25% interest in Mount affiliates for a combined gross asset value of Signal 2, and the Sale announced today. A$288 million and gross equity proceeds, before transaction costs, of A$105.4 million. NEW’s financial adviser is RBC Capital Transaction completion is expected within Markets. two months, subject to customary consents and approvals including Foreign Investment Capital Management Review Board (FIRB) approval. Once this Sale is complete, the net proceeds will be used to repay group debt and reduce The expected equity proceeds, before gearing below the long-term target of 50%, transaction costs, are A$62.5 million for Beryl Page 1 (Click on relevant project links to go to online Project Database) and to buy back NEW securities. The method, PROJECT UPDATE quantum, and term of the buyback will be Forest Wind Farm determined by NEW's boards of directors The anticipated construction start date [for prior to transaction close of the Sale. NEW the Forest Wind Farm] has shifted and we currently expects to allocate up to 50% of the now anticipate construction not to commence net equity proceeds to the buyback. for at least another 15 months. Further details on these capital management We are preparing our Request for Information initiatives will be announced in the coming (RFI) report which will be submitted to the months. Federal Department of Environment, after which the Department will advise on the Outlook for the US Market public notification period as required under Following completion of the Sale, all of NEW’s the EPBC Act. Once this public notice period is remaining assets will be in the United States, known, we will notify the community. a renewable energy market that is growing quickly. Installations of solar PV in 2020 The team has been investigating transport reached their highest levels ever and routes for delivery of major components such exceeded by 27% the previous record reached as blades, towers and nacelles to the Project in 2016, when the federal solar investment site. This has involved an extensive logistics tax credit (ITC) was extended. Solar PV study to assess road and port entries and the accounted for 43% of new US electricity- most efficient way to deliver the components generating capacity additions in 2020, to where they are needed with the least representing the largest share of new capacity impacts. Once the transport routes have been additions by technology type. Despite the further refined, we will share these plans and record number of installations in 2020, the consult with the local community. utility-scale PV market is expected to beat this record in 2021. The current forecast by energy Our wind engineers have been busy collecting consultants Wood Mackenzie expects there to wind and climate data from the Project site. be 17.5 GWDC of utility-scale capacity This extensive data is being used by the whole installations over the next year. team which includes our own wind engineers, the turbine manufacturer team and an NEW expects that the environment for independent third party wind expert team, in renewable energy in the United States will an ongoing complex process of optimisation in continue to be supportive of investment in order to determine the precise locations of renewable energy projects. the wind turbines within Forest Wind’s Development Permit conditions. 1 New Energy Solar Limited (Company) and E&P Investments Limited as responsible entity We are planning to conduct another round of of New Energy Solar Fund (Trust), together community engagement and information New Energy Solar, the Business or NEW. sessions in local community halls when 2 Net asset value is the independently further information becomes available on the assessed equity value of the solar power transportation routes and Stage 1 site design. plants derived using the discounted cashflow Closer to the time, we will post notices of method which is then adjusted for working these events in upcoming newsletters and capital. through local community information sites. Source: New Energy If you have any questions, please don’t hesitate to get in touch via [email protected] Source: Forest Wind Page 2 (Click on relevant project links to go to online Project Database) ElectraNet confirms project customers as well as supporting the rapid pace of change across the NEM. EnergyConnect will be built 7 June “At all times, ElectraNet has remained focused ElectraNet has today confirmed Project on ensuring we deliver this project at the EnergyConnect, the high-voltage electricity lowest possible cost to all energy customers, transmission interconnector between South while also providing the greatest benefits.” Australia and New South Wales, will be built. ElectraNet has undertaken comprehensive ElectraNet Chief Executive Steve Masters stakeholder engagement over the past five confirmed the company will invest $457.4 years and incorporated that feedback into the million to deliver the South Australian section development of the project. of the interconnector from Robertstown to the New South Wales border. “Project EnergyConnect is a transformational infrastructure project of national significance South Australian households can expect to that will deliver the longest transmission line receive an average saving of around $100 a between Australian states,” Mr Masters said. year on their electricity bills after the interconnector is energised with even higher “This is a fantastic outcome for South savings for small businesses. Australia and New South Wales, for the whole NEM and for the transition towards greater There will also be substantial economic reliance on renewable energy generation. benefits from the project’s $2.28 billion investment in critical infrastructure to the “Australia’s national energy network is National Electricity Market (NEM). This moving rapidly toward a greater mix of includes 200 new jobs in South Australia cleaner energy sources. There will be no during the construction phase of the project. energy transition without transmission.” “Over the past five years ElectraNet has Mr Masters thanked TransGrid, project demonstrated through a rigorous assessment delivery partner for the New South Wales process that Project EnergyConnect is good section, and the South Australian Government for South Australian and New South Wales for its ongoing support and continued customers, and we now look forward to championing of Project EnergyConnect: “The getting on and building it, so those benefits South Australian Government provided can be realised,” Mr Masters said. support to allow early progress to occur on project planning, working towards “Project EnergyConnect is landmark project environmental approvals and to start that will drive competition in the wholesale procurement processes. electricity market by connecting more, low- cost generation to the national electricity grid In South Australia, Project EnergyConnect’s and support the ongoing transition to a lower Environmental Impact Statement (EIS) is carbon emissions future. currently open for public comment and undergoing assessment by the South “As the proponent of this project, ElectraNet Australian Government’s Planning and Land has left no stone unturned to ensure that this Use Services. Subject to receiving all project is a good investment for electricity necessary environmental approvals, customers
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