Connect with us

Hi, what are you looking for?

Smart Success Strategy – Investing and Stock NewsSmart Success Strategy – Investing and Stock News

Editor's Pick

Completion of Waroona Energy Inc Acquisition Creates WA’s Largest Renewable Energy Development Company

Frontier Energy Limited (ASX: FHE; OTCQB: FRHYF) (Frontier or the Company) is pleased to announce the successful acquisition of Waroona Energy Inc. (TSXV: WHE) (Waroona), creating Western Australia’s largest renewable energy development company. Frontier is developing the Bristol Springs Renewable Energy Project (Project) in southwest WA.

In October 2023, Frontier announced1 an agreement to acquire all outstanding Waroona shares (the Transaction) not held by Frontier (Frontier held ~20% of Waroona) via a Canadian Plan of Arrangement (Share Plan), equivalent to an Australian Scheme of Arrangement.

HIGHLIGHTS

Acquisition of Waroona completed with shareholders voting overwhelming in favour of the Transaction (440,339,196 voting in favour and 1,507 against)All other conditions necessary to complete the transaction, including a final order approving the Arrangement from the Supreme Court of British Columbia, have been satisfied, and the Transaction has completedFrontier will have 446m shares on issue, with 147m shares being issued to Waroona shareholdersFrontier now controls two grid connections, which will be capable of exporting >1GW renewable energy to the grid, and freehold landholding of 868ha ideal for solar, hydrogen and other renewable energy opportunitiesSolar development approvals in place for 355MW, ranking the Project as one of Australia’s largest solar farms once developedDFS for Stage One, 120MWdc solar development, is nearing completion. Stage One progressing towards Final Investment Decision (FID) in 1H24Cash balance at completion of ~A$12.3m2, fully funding the Company until a Final Investment Decision on Stage OneCommunication with all key stakeholders, including, government, local community, first nations, prospective financiers and shareholders to accelerate development is now simplified following completion of the transactionThe Company continues to assess multiple value-added initiatives that potential uplift solar energy valuations, including hydrogen, peaking plant and battery scenarios, with results expected in 1H24Green hydrogen fuelled peaking power plant study due for delivery in 1Q24The WA government has commenced reviewing the reference technology for Reserve Capacity with early indications that it may change from a heavy-duty open cycle turbine (peaking plants) to batteries3The Company aims to create WA’s largest vertically integrated renewable energy hub at Bristol Springs

Managing Director Sam Lee Mohan commented:

“Combining Frontier and Waroona provides the opportunity to develop one of WA’s largest solar projects in the fastest and most capital efficient manner, while also creating the critical mass required to secure financing.

With the transaction complete, we are fully focused on moving Stage One towards a Final Investment Decision in 1H24. There will be strong news flow over coming months, including the finalisation of studies and financing activities.

The Company has been assessing a number of strategies that have the potential to add significant value to Stage One development plans, and we continue to assess long term growth opportunities to make the Project one of WA’s largest diversified renewable energy hubs.

I thank shareholders for their continued support through 2023 as we look forward to 2024, where we expect development of the project to be in full swing by this time next year.”

Frontier completes acquisition of Waroona Energy Inc.

Frontier has completed its previously announced Share Plan with Waroona, resulting in Waroona becoming a subsidiary of Frontier.

The Share Plan was approved at a special meeting of shareholders of Waroona held on 8 December 2023, followed by the issuance of a final order approving the Arrangement from the Supreme Court of British Columbia on 13 December 2023. The formal Management Information Circular issued by Waroona and dated 6 November 2023 as submitted to Frontier has completed its previously announced Share Plan with Waroona, resulting in Waroona becoming a subsidiary of Frontier.

Click here for the full ASX Release

This post appeared first on investingnews.com
Enter Your Information Below To Receive Latest News, And Articles.



    Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!

    You May Also Like

    Editor's Pick

    The energy revolution is here to stay, and electric vehicles (EVs) have become part of the mainstream narrative. Despite geopolitical tensions and uncertainty, the...

    Editor's Pick

    Overview Mexico’s Sinaloa state hosts a number of prolific silver and gold mines, including McEwen Mining’s (TSX:MUX) El Gallo Complex, Americas Gold and Silver’s...

    Editor's Pick

    Uranium is an important energy sector commodity, and its rising value has attracted investor interest. 2023 has seen uranium prices solidly above the important...

    Investing

    A new survey shows that the presidential race between former President Donald Trump and President Biden is thin, but Biden faces a deficit in...

    Disclaimer: smartsuccessstrategy.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.


    Copyright © 2024 smartsuccessstrategy.com