15/10/2021 - 15:42

Superior Lake turns to solar

15/10/2021 - 15:42

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Superior Lake Resources intends to undertake an $8 million capital raising after outlining plans to acquire a company developing a 105 megawatt solar farm in Collie.

Superior Lake turns to solar
Superior says the deal marks a step in the company’s transition into the green energy sector. Photo: American Public Power Association

Superior Lake Resources intends to undertake an $8 million capital raising after outlining plans to acquire a company developing a 105 megawatt solar farm in Collie.

Company shares will remain suspended until shareholders agree to the buy, which signals a marked difference from the company’s zinc-focused exploration activities.

Superior says the deal marks a step in the company’s transition into the green energy sector and has tabled a potential name change and board restructure to align with the transition.

The company expects to emerge from the suspension in the first quarter of 2022.

However, neither Superior or Bristol Springs have the approvals in place to carry out the development, which the company says hang on completing the acquisition.

Superior believes the project presents an opportunity to participate in wholesale electricity markets due to its central location in the South-West Interconnected System.

The company has entered a binding agreement to acquire 100 per cent interest in Bristol Springs Solar from vendors Sector One and Alicia Jane Goyder.

Range Loaders, the entity which owns the land on which the Project is proposed to be built, is also a party to the Sale Agreement.

Superior is set to issue Bristol Springs 41.7 million company shares as initial consideration for the deal.

Superior executive director Grant Davey said Bristol Springs was a highly attractive project.

“After spending more than 12 months reviewing multiple projects across a range of sectors, green energy emerged as a clear standout, with the best long-term potential as countries around the world,” he said.

Mr Davey said additional opportunities were under consideration including solar, wind, hydro and green hydrogen.

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