New Energy Solar’s decision to sell assets and return capital to investors has been vindicated.
hired RBC Capital Markets, Ashurt and FoleyNew Energy Solar’s expected to wind down and return capital to shareholders following the sale of its US assets.The advisers ran an auction, that finished with ex-Goldman Sachs’ MN8 Energy as the highset bidder, as New Energy Solar announced on August 9.
It is understood the two sides signed a binding deal over the weekend, with MN8 Energy agreeing to pay net asset value for the US solar farms. Street Talk expects that’s about a $US240 million deal , based on New Energy Solar’s stated NTA as at December 31. Once the cash arrives, New Energy Solar’s expected to wind up the vehicle and return the capital to investors in a move that would end its near five-year stint on the ASX-boards. The companyco-edits Street Talk, specialising in private equity, investment banking, M&A and equity capital markets. He has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies.