Pilot Energy Receives Offer to Acquire the Three Springs Solar Project

Source: www.gulfoilandgas.com 10/9/2024, Location: Not categorized

Pilot Energy Limited (ASX: PGY) (‘Pilot’ or the ‘Company’) is pleased to announce it has received a non-binding offer to acquire a 100% of the 376MW solar farm development project ('Three Springs Project') being developed by Pilot located in Three Springs, Western Australia. Pilot has been progressing the Three Springs Project to support the delivery of low carbon ammonia from the Mid West Clean Energy Project.

In parallel with progressing the Three Springs Project, Pilot has reviewed a number of alternative renewable energy sites to support the production of low carbon ammonia. The recently completed MWCEP Pre-FEED study has confirmed that combining carbon storage at Cliff Head with the regions renewable energy resources has the potential to deliver industry leading low carbon intensity ammonia.

Recently Pilot’s MWCEP project team has identified opportunities to source renewable generation closer to the proposed ammonia project site. Divesting the Three Springs Project at this time allows the company to recycle capital into the newly identified locations and to continue progressing the MWCEP.

The non-binding offer is from EDP Renewables APAC (https://www.edpr.com/en), and remains subject to satisfaction of conditions precedent. The Company anticipates completion of the transaction will occur prior to the close of the calendar year. The key terms of the nonbinding offer are:

• Acquisition Price $11.5 million (to be finalised after due diligence and documented in the Asset Sale Agreement) over a series of staged payments; and

• Conditions Precedent:
o Parties entering into a definitive Asset Sale Agreement;
o Completion of due diligence;
o Buyer internal approval; and
o FIRB Approval (if required).

Pilot’s chairman Brad Lingo said: “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 while also accelerating the development of renewable power sources in the Mid West to power the Mid West Clean Energy Project.”

This announcement has been authorised for release to ASX by the Chairman, Brad Lingo on behalf of the Board of Directors.


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