❓ Question regarding Verve Energy's involvement with South West Solar Developments Holdings Pty Ltd, including share ownership, financial contributions, and asset transfers related to the Greenough River Solar Farm project. The answer clarifies the nature of the joint venture and details Verve Energy's financial and asset contributions.
AnsweredQoN 920Legislative Assembly
QuestionView source ↗
I refer to South West Solar Developments Holdings Pty Ltd, and I ask: (a) is South West Solar Developments Holdings Pty Ltd, referred to by Verve Energy in its Annual Report 2011–2012 as a joint venture, in fact a company limited by shares and if so, why does Verve Energy use the term joint venture; (b) does Verve Energy own any shares in South West Solar Developments Holdings Pty Ltd and if so, how many; (c) was there any consideration paid by Verve Energy for this share/these shares in South West Solar Developments Holdings Pty Ltd and if so, what was this consideration, and to whom was this consideration paid; and (d) either prior to or subsequent to Verve Energy taking ownership of this share or these shares and has Verve Energy transferred any assets to South West Solar Developments Holdings Pty Ltd, and if so, what assets and on what dates?
AnswerView source ↗
Answered
1 August 2013
Responded by
Minister for Energy
Response time
35 days
(a) In accordance with AASB 131 Interests in Joint Ventures, a joint venture is defined as a contractual arrangement whereby two or more parties undertake an economic activity that is subject to joint control. South West Solar Developments Holdings Pty Ltd meets this definition and is further classified as a jointly controlled entity under the accounting standards.
(b) Verve Energy owns 13,520,646 class A shares and 20,000,000 class B shares in South West Solar Developments Holdings Pty Ltd.
(c) Verve Energy made contributions to South West Solar Developments Holdings Pty Ltd totalling $33,520,646.00 between 17 August 2011 and 25 October 2012. $20 million of these contributions were funded by equity injection from the WA Government to Verve Energy.
(d) Verve Energy undertook the development work (feasibility studies, land agreements, development and environmental approvals etc) for the Greenough River Solar Farm project and purchased plant specific to the project before the joint venture was formed. At Financial Close on August 26, 2011 all of these project specific assets were transferred to the joint venture and Verve Energy was fully reimbursed for all costs incurred on the project to this date.
(b) Verve Energy owns 13,520,646 class A shares and 20,000,000 class B shares in South West Solar Developments Holdings Pty Ltd.
(c) Verve Energy made contributions to South West Solar Developments Holdings Pty Ltd totalling $33,520,646.00 between 17 August 2011 and 25 October 2012. $20 million of these contributions were funded by equity injection from the WA Government to Verve Energy.
(d) Verve Energy undertook the development work (feasibility studies, land agreements, development and environmental approvals etc) for the Greenough River Solar Farm project and purchased plant specific to the project before the joint venture was formed. At Financial Close on August 26, 2011 all of these project specific assets were transferred to the joint venture and Verve Energy was fully reimbursed for all costs incurred on the project to this date.
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