ERM Power Limited
(ASX:EPW) has entered into an offtake agreement with Sunset Power International Pty Limited.
The deal will provide for a range of financial instruments and capital release of up to $60 million.
The energy company said the offtake agreement will assist ERM Powers’ growth strategy through capital release and provides a strategic source of wholesale electricity liquidity, strengthening ERM Power’s competitive position.
The agreement follows and was conditional to Sunset Power’s acquisition of Vales Point Power Station in New South Wales.
ERM Power recorded a net profit of $65.9 million at 30 June 2015
