Aussie commercial solar installer AFT attracts investor

Aussie commercial solar installer AFT Corporation Limited (ASX:AFT) today announced plans for a partnership with NESI Solar Australia Pty Ltd (NESI) that will allow it to expand into Australia's solar farm sector.

Under a newly-signed memorandum of understanding (MoU) between the two, NESI will make a cornerstone investment of AUD 2.1 million (USD 1.6m/EUR 1.3m) in AFT via a convertible note facility. The investment will be made in two tranches.

The pact also envisages a AUD-30,000 per month project management, design and engineering engagement services agreement.

NESI is active in the development of solar projects such as the 30-MW Whyalla scheme to the northwest of South Australia's capital, Adelaide.

Commenting on the MoU, AFT chairman Alan Beasley said that the two companies have been holding discussions over recent weeks.

“We are undertaking the analysis for best monetising our strategies. The NESI relationship brings complimentary resources for our core solar business, and supports our Petbacker licensing agreement,” he said.

(AUD 1.0 = USD 0.764/EUR 0.625)

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