CleanPeak Energy acquires profitable Canberra solar farm

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CleanPeak Energy have acquired Mugga Lane Solar Park, one of Australia’s oldest utility scale solar farms. Built on a 52-hectare site in the south of Canberra, the asset generates more than 24 GWh of electricity a year.

Despite being backed by a long-term offtake agreement with the Australian Capital Territory (ACT) government, Mugga Lane was placed into voluntary administration in 2022 because of a loan dispute between then-owned Maoneng and the project’s banker, Nord.

CleanPeak will fund the acquisition from its CPERI trust as well as funding from the Commonwealth Bank, the company’s founder and CEO Philip Graham told the Australian Financial Review, which the deal to be worth between $30 million and $40 million.

Until now, New South Wales based CleanPeak Energy has mostly specialised in delivering commercial and industrial systems, having been involved in a number of significant projects in the space.

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