First Solar – Wellington Solar Farm case study - KPMG Australia
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First Solar – Wellington Solar Farm

First Solar – Wellington

KPMG acted as financial and tax adviser to First Solar on its sale of the Wellington Solar Farm to Lightsource BP.

KPMG acted adviser to First Solar on the sale of Wellington Solar Farm to Lightsource BP.

KPMG acted as financial and tax adviser to First Solar (Australia) on its March 2019 sale of the Wellington Solar Farm to Lightsource BP. Lightsource BP is a London based investor with a global portfolio of renewable projects.

The Wellington Solar Farm was transacted as a greenfield development that, when constructed, will become a 174MWac utility-scale solar farm – one of the largest in New South Wales. Wellington Solar Farm is located around 2km from Wellington, NSW.

 

How KPMG assisted

As part of the transaction, KPMG provided a range of advice to First Solar, including:

  • transaction structuring and options analysis to ensure that the optimal structure was taken to market 
  • identification, management and negotiation with bidders
  • management of due diligence providers ensuring efficient and effective due diligence processes 
  • working with legal advisers to ensure documentation reflected the preferred commercial outcomes 
  • managed interfaces with key transaction participants, including lenders and contractors 
  • project management including process and data room management
    financial modelling.

 

The deal is another example of KPMG’s work in the renewable energy markets including acting as commercial, financial and tax adviser to:

  • First Solar on the sale of Manildra Solar Farm and Beryl Solar Farm to New Energy Solar (ASX:NEW)
  • First Solar on the debt raising for Beryl Solar Farm
  • Goldwind on the acquisition and debt raising for Stockyard Hill Wind Farm
  • Goldwind on the sale of Cattle Hill Wind Farm to PowerChina
  • Edify Energy on the sale of Daydream Solar Farm and Hayman Solar Farm to BlackRock
  • Edify on the sale of Darlington Point Solar Farm, which will be the largest solar farm in Australia, to Octopus

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