ASX Release: Completion of US solar development pipeline sale
28 July 2015
Infigen Energy (ASX: IFN) advises that it has completed the sale of substantially all of its US solar development pipeline to a wholly owned subsidiary of SunPower Corporation.
The net proceeds to Infigen (after tax and transaction costs) will be approximately US$29.5 million.
From an accounting perspective, Infigen will record a post tax profit on disposal of approximately US$15 million in its FY15 financial statements.
As disclosed in Infigen’s ASX announcement on 26 June 2015, the sale terms relating to the US solar development pipeline include an earn-out structure and other conditional payments, pursuant to which Infigen may receive up to an additional US$30 million. None of that contingent consideration has been earned as at completion of the sale, with future payments dependent upon certain milestones being achieved and other conditions being satisfied.