Sundrop, a world leader in the use of solar concentrator electricity generation to power horticulture production, has sold out to a New Zealand based investment firm.
ABC news reports that Sundrop has sold its operating solar powered farm near Port Augusta and two overseas pilot operations to NZ’s Morrison and Co.
Private equity firm Kohlberg, Kravis and Roberts (KKR) is among Sundrop’s ownership group.
Confirmation was not immediately available from either company.
Sundrop and Morrison have been in discussion for over a year on terms for the deal, which propels Morrison into the renewables space.
The $200 million Sundrop facility is a world leader, using sunlight to produce electricity for heating and to desalinate sea water to grow 17,000 tonnes of tomatoes a year for sale through Coles supermarkets.
Its 127 metre tall solar concentrator tower can produce up to 39MW of thermal energy.
ABC reports no changes are planned for Port Augusta which employs 300.
Morrison plans the Port Augusta farm and two overseas pilot plants in Tennessee and Portugal to anchor a $1 billion green infrastructure investment fund.