ReNu signs Sale and Purchase Agreement for Amaroo Solar PV Project


Highlights
aEURc Sale and Purchase Agreement entered into with Amaroo Solar Pty Ltd (part of the
VivoPower group) for the acquisition of Amaroo Solar PV Project
aEURc Amaroo is an operational solar project comprising 600kW capacity underpinned by a
20 year ACT Government Feed-in Tariff scheme
aEURc Purchase price is $2.38 million with a $1 million refundable deposit paid, and completion is
subject to typical closing conditions

Solar - Sep 11, 2017

Renewable energy company, ReNu Energy Limited (ASX: RNE) is pleased to advise that it has
satisfactorily completed confirmatory due diligence on the Amaroo Solar PV Project and a definitive
Sale and Purchase Agreement has been entered into to acquire the project assets.
CEO & Managing Director of ReNu Energy, Mr Chris Murray commented, “The Amaroo Solar PV
Project will be ReNu Energy’s first operational solar asset, and is the largest solar PV rooftop project
in the Australian Capital Territory.
Operating since 2015, the Project receives a long term premium rate for electricity under an ACT
Government Feed-in Tariff Scheme, and is expected to deliver an average annual cash yield of
approximately 12% per annum, delivering positive cash flow to ReNu Energy and making this an
ideal project from which to build a portfolio of renewable energy assets. We are pleased to have
successfully signed the Sale and Purchase Agreement with VivoPower, and look forward to further
transactions together.”
“We are very pleased to have executed the Sale and Purchase Agreement with ReNu Energy for
the transfer of the Amaroo Solar Project,” said Dr. Philip Comberg, Chief Executive Officer of
VivoPower. “For VivoPower, this is the first of what we expect to be many successful transactions
with ReNu Energy in Australia, and further establishes a successful track record for VivoPower’s
build, transfer and operate model.”

The total purchase price is $2.38 million and a refundable deposit of $1 million has been paid, with
the intention of debt funding the balance. Subject to completion, ReNu will be entitled to receive
the Project profits for the period from signing to completion.
The agreements with VivoPower and more recently SCA Property Group (announced to the market
on 2 June 2017) form the cornerstone of ReNu Energy’s solar PV business. From this base, the
Company is building a portfolio of projects which utilise proven technologies such as solar PV,
typically operating under long term contracts generating sustainable cash flows and creating
shareholder value. The projects either generate electricity at customer’s premises and deliver
directly to the customer behind the meter, or export electricity under long term power purchase
agreements, feed in tariffs or for sale to the National Electricity Market


Related Research on ASDReports.com:
Photovoltaic (PV) Inverters

Source : ReNu Energy

Published on Global Energy World: Sep 11, 2017

 

Energy Statistical Analysis Seminar and Workshop

Dec 4 - 6, 2017 - Houston, United States

Register More info


zpsk