ReNu Energy to Acquire Amaroo Solar Power Plant in Australia from VivoPower for USD1.8 Million

Published: May 18 2017
Deal Summary

ReNu Energy Ltd, a renewable energy company, has agreed to acquire Amaroo solar power plant situated on the rooftop of the Amaroo School in Canberra, Australia from VivoPower Pty Ltd, a wholly owned subsidiary of VivoPower International PLC, a power generation company, for a purchase consideration of AUD2.38 million (USD1.76 million). The total installed capacity of the solar power plant is 0.6 MW. The transaction will imply a deal value of USD3 million per MW.

The operations and maintenance of the Amaroo Project will continue to be provided by VivoPower. The Amaroo project, which has been operating since 2015, is underpinned by a twenty year feed in tariff (FiT) with the ACT Government with a tariff of AUD0.30 (USD0.22) per kWh. With an annual energy output of approximately 940,000 kWh the project is also eligible for large scale generation certificates (LGCs).

Earlier on May 18, 2017, ReNu Energy has signed a binding term sheet to acquire Amaroo solar power plant from VivoPower for a purchase consideration of AUD2.38 million (USD1.76 million).

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