[SMM PV Flash] Australia’s LGI to Acquire 42 MW of Operating Solar Assets for AU$22 Million
Australian renewable-energy company LGI has agreed to acquire two operating solar plants in Queensland for AU$22 million, representing 54 MWp of installed capacity and 42 MW of grid export capacity, funded through cash and an existing debt facility. The portfolio comprises the 19.9 MWp/14.7 MW export Chinchilla plant and the 34.5 MWp/27.3 MW export Brigalow plant, commissioned in 2019 and 2021 respectively, with both assets currently selling entirely into the spot market. The purchase price equates to around AU$0.5 million per MW of export capacity, below the cost of developing comparable assets, while LGI estimates annual EBITDA of AU$2.1 million to AU$4 million at current power prices. Preliminary studies are underway to add storage at both sites and use generation above export capacity for battery charging, while LGI has increased its medium-term portfolio target from 80 MW to more than 120 MW.