Australian gas and energy retailer TPC Consolidated said a buyout from a Chinese renewables developer could break down after the company failed to get approval from the Foreign Investment Review Board (FIRB).
TPC had agreed to the buyout from Wollar Solar Holding Pty. Ltd., a subsidiary of Beijing Energy International (Australia) Holding in April 2024.
Despite multiple extensions, Wollar has not received FIRB approval by the sunset date of November 28.
Under the conditions of the agreement, the buyout may be terminated if both parties cannot agree on how to proceed with the transaction within five days of delivery of the sunset date notice.
TPC said it has not received nor served a written notice to Wollar at this time.
Wollar said it continues to engage with FIRB, and that the regulator has granted a further extension to facilitate the ongoing review.
TPC will continue to focus on managing its business and positioning the company for whatever outcome.
TPC owns and operates electricity and gas retailer CovaU. The company is working to expand CovaU’s market presence, with plans to add to its current suite of renewable segment-related energy products.