❓ A WA parliamentary question seeks details on Verve Energy's investment in South West Solar Developments Holdings Pty Ltd, including valuation and capital contributions. The answer reveals significant investment and valuation changes over the period.
AnsweredQoN 914Legislative Assembly
QuestionView source ↗
I refer to South West Solar Developments Holdings Pty Ltd, and I ask: (a) what value was placed by Verve Energy on its ownership of 50 per cent of South West Solar Developments Holdings Pty Ltd joint venture on each of these dates: (i) 30 June 2011; (ii) 30 June 2012; and (iii) 31 March 2013; and (b) has any capital been paid into South West Solar Developments Holdings Pty Ltd joint venture by Verve Energy and if so, on what dates, and in what amounts?
AnswerView source ↗
Answered
1 August 2013
Responded by
Minister for Energy
Response time
35 days
(a) Investments in South West Solar Developments Holdings Pty Ltd (SWSDH) are accounted for as investments in jointly controlled entities in accordance with the accounting standards in Verve Energy's consolidated financial statements applying the equity accounting method. The carrying values of the investments in SWSDH are as the follows:
(i) 30 June 2011 - nil
(ii) 30 June 2012 -$953,000
(iii) 31 March 2013 - $13,090,000
(b) 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.
(i) 30 June 2011 - nil
(ii) 30 June 2012 -$953,000
(iii) 31 March 2013 - $13,090,000
(b) 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.
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