Former Citi banker Philip Graham’s CleanPeak Energy is adding the up-and-running Mugga Lane Solar Farm to its burgeoning portfolio, after beating a handful of rivals in an auction run by administrators. CleanPeak will fund the acquisition from its CPERI trust, which is backed by Igneo Investment Partners, and funding from the Commonwealth Bank of Australia, Graham told Street Talk on Tuesday.
CleanPeak will take the keys from administrator Wexted, which was instructed to run the auction on behalf of hedge fund PAG. PAG acquired the debt from German bank Nord, Mugga Lane’s former secured creditor, in an auction mid last year.
Mugga Lane was completed in 2017 and has a long-term agreement with the ACT government to feed power into the electricity network. The solar farm generates more than 24 gigawatts of electricity a year.
The deal’s expected to be worth about $30 million to $40 million.
Graham said it was CleanPeak’s first operating ground-mounted solar farm, with the investor currently operating roof-top renewable energy assets and other infrastructure at its sites.
Maddocks advised the buyer, while PKF acted as tax and accounting adviser.
According to Mugga Lane Solar Park administrator KordaMentha, the receiver sale attracted interest from 27 parties and saw 21 contenders sign non-disclosure agreements and access the data room documents.
The process led to 10 indicative bids, while four bidders were chosen for advanced due diligence. Site trips were held in October, and final offers were due on October 28.
Source:
CleanPeak Energy swoops at Mugga Lane Solar Farm, CommBank funds
