New Hope has reached a binding commitment with Taipower with respect to the Bengalla Joint Venture (JV). Taipower will purchase a further 10% interest in the Bengalla JV by participating in the sale by Wesfarmers Ltd. of its 40% interest to New Hope. Mitsui has waived its preemptive right with respect to the Wesfarmers transaction. Once the Wesfarmers acquisition is complete, New Hope will hold a 70% interest in the joint venture with Taipower and Mitsui holding interests of 20% and 10%, respectively. The Wesfarmers transaction is expected to complete in early December.
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