Pilot Energy receives $7.72m offer for 376 MW Aussie solar farm

It has also explored other sites for low-carbon ammonia production.

Pilot has received a non-binding offer from EDP Renewables APAC for the full takeover of the 376 megawatt Three Springs solar power farm located in Three Springs, Western Australia. 

In a bourse filing, Pilot said US$7.72m (AU$11.5m) acquisition price, which will be settled through a series of staged payments, will still be finalised after due diligence and documented in the Asset Sale Agreement.

“The proposed sale is a great result for the company, which will provide significant capital for the company to progress the Cliff Head Carbon Storage Project and the acquisition of the Cliff Head JV interests whilst also accelerating the development of renewable power sources in the Mid West to power the Mid West Clean Energy Project,” said Pilot Chairman Brad Lingo.

As this progresses, Pilot is also exploring other sites for producing low-carbon ammonia. A recent Mid West Clean Energy Project (MWCEP) pre-front end engineering design study showed that combining carbon storage with renewable energy in the region could produce low-carbon intensity ammonia

The company’s MWCEP project team has identified opportunities to source renewable generation closer to the proposed ammonia project site. Divesting the Three Springs Project will  allow the company to recycle capital into the newly identified locations and to continue progressing the MWCEP, Pilot said.

US$1 = AU$1.49