Pilot Energy (ASX:PGY) Announcement Overview

Pilot Energy Limited (ASX:PGY) has received a non-binding offer to acquire the 376MW solar farm development project, known as the Three Springs Project, located in Three Springs, Western Australia. The offer is from EDP Renewables APAC and is subject to satisfaction of conditions precedent. The acquisition price is set at $11.5 million over a series of staged payments.

Chairman's Commentary on Three Springs Project Acquisition Offer

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.

Summary of Pilot Energy (ASX:PGY) Announcement

Pilot Energy Limited (ASX:PGY) has received a non-binding offer from EDP Renewables APAC to acquire the Three Springs Project, providing an opportunity to recycle capital into newly identified locations and continue progressing the Mid West Clean Energy Project. The acquisition price is set at $11.5 million over a series of staged payments, subject to satisfaction of conditions precedent. The proposed sale is expected to provide significant capital for the Company to progress the Cliff Head Carbon Storage Project and accelerate the development of renewable power sources in the Mid West.