NEWS

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.

ENDS

For further information please contact:
Richard Farrell, Group Manager, Investor Relations and Strategy
+61 2 8031 9900