Frontier Energy Limited (ASX: FHE) is set to acquire all remaining shares of Waroona Energy Inc. (TSXV: WHE) to create a prominent Australian renewable energy company. Frontier, which already holds 20% of Waroona, intends to achieve this through a Canadian Plan of Arrangement. This strategic move will consolidate their resources, featuring 355MW of solar generation capacity and the potential for expansion to over 1GW, given their land holdings and grid connections in South West WA. The merged company's focal point will be green hydrogen development, facilitated by Waroona's proposed 120MW dual fuel peaking plant.
Additionally, Frontier's increased land footprint by more than 50% and a bolstered balance sheet with around $22 million in cash will enhance their ability to make a Final Investment Decision (FID) and attract financing for their projects. This acquisition streamlines communication with stakeholders and positions the companies for construction commencement of a solar facility by 1H2024, with FID targeted for the peaking plant and hydrogen production facility by 2H24. Frontier's Executive Chairman, Grant Davey, emphasized the significant value and synergies arising from this merger, marking a pivotal moment in Western Australia's renewable energy landscape.
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