New Energy Solar comments RCR's administration

Company News

by Rachael Jones

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Last Updated: 24/02/2020 11:52 AM

New Energy Solar (ASX:NEW) has released a statement regarding the appointment of administrators to RCR Tomlinson.

New Energy Solar are committed to acquire the Manildra Power Plant from First Solar in June 2018.

The plant was constructed by RCR O'Donnell Griffin – a subsidiary or RCR.

Construction of Manildra is complete and the Plant is operating at full design capacity.

RCR O'Donnell Griffin remains obligated to complete a small number of items to reach full completion at the Plant under the terms of its construction contract. These obligations are secured by bank guarantee.

New Energy Solar is working with First Solar to determine if there are any further considerations resulting from the announcement.

Shares in New Energy Solar (ASX:NEW) trading 07 per cent higher at $1.44.

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.