Renewable energy company, ReNu Energy is pleased to provide a progress update on its four SCA shopping centre, solar PV embedded network projects.
As announced in June, ReNu Energy has an agreement with the SCA Property Group for the supply of solar PV and embedded network systems to four shopping centres in the portfolio of SCA Property Group.
The first solar PV installation of 360kW at the Griffin Plaza Shopping Centre in Griffith NSW, has been completed, and is expected to commence commercial operations before the end of the calendar year.
ReNu Energy is also pleased to report that design verification of the next three projects located at centres in Mt Gambier SA, Murray Bridge SA and Lismore NSW have been successfully completed.
SCA and ReNu Energy have executed the necessary agreements to commence installation of the solar PV panels and establishment of the embedded networks.
Panels, inverters and racking have been ordered, the approval process is in progress and installation at the three sites will commence progressively over the coming months.
The systems installed in the first four centres will range in size from 180kW to 1,000KW totalling approximately 2MW.
The construction of these systems and associated embedded networks is forecast to cost $4.45 million which will be funded from existing cash reserves and the recently announced debt facility with Infradebt, subject to completion of the facility.
The four projects combined are forecast to generate approximately $725,000 EBITDA in their first full year of operation.
Source: ReNu Energy
Date: Oct 23, 2017