Scott Langdon and David Osborne from independent advisory and investment firm KordaMentha have been appointed as voluntary administrators of the Mugga Lane Solar Park and said the sale process for the Canberra asset “will commence immediately”.
Maoneng said on Monday it could not provide any further details about the process but KordaMentha said in a statement “the appointment of voluntary administrators was necessary due to the recent external effects on the financial arrangements of Mugga Lane Solar Park”.
It is understood the Sydney-headquartered Maoneng had been seeking to refinance the facility, which is backed by a long-term offtake agreement with the ACT government.
Maoneng, which has plans to build more than 2,000MW of utility scale solar and battery energy storage system projects across Australia, said the situation at Mugga Lane will not affect it development plans.
“Mugga Lane Solar Park is a group subsidiary asset operating under a special purpose vehicle structure,” a Maoneng spokesperson said in an emailed statement.
“The appointment of KordaMentha, the voluntary administrators, only relates to Mugga Lane Solar Park, and does not affect other group operations or any related entities.”
The appointment of voluntary administrators comes just days after Maoneng unveiled plans to build an almost 1GW solar PV farm and battery energy storage facility in the Hunter region of New South Wales. Maoneng said the proposed Merriwa Energy Hub would be one of the largest renewable energy hubs in the country, comprising a 550MW solar farm and a 400MW/1,600MWh battery energy storage system (BESS).
The proposed $1.6 billion Merriwa Energy Hub is the latest addition to Maoneng’s pipeline of renewable energy projects. The company also retains an interest in the 200MW Sunraysia Solar Farm being developed in southwest NSW, and is also developing the 240MW/480MWh Mornington battery project in Victoria and the 225MW/450MWh Gould Creek storage project in near Adelaide in South Australia.
The Mugga Lane Solar Park is one of Australia’s oldest utility scale solar farms. Built on a 52-hectare site in the south of Canberra, the asset was completed in March 2017 and generates approximately 24,500MWh of electricity a year.
Langdon said the facility “will continue to operate on a ‘business as usual’ basis and there will be no disruption to operations or any stakeholders”.
“The voluntary administrators will work collaboratively with the director to run an international sale process and maximise competitive tension and the financial outcomes for all stakeholders and creditors,” he said. “A sale process for the project will commence immediately.”
Langdon said he expected a high level of interest in the asset and encouraged “anyone interested in purchasing the Mugga Lane Solar Park to contact our office immediately”.
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