ReNu Energy to Acquire Solar Project in Australia from VivoPower

Published: Dec 06 2017
Deal Summary

ReNu Energy Ltd, a renewable energy company, has agreed to acquire a solar PV project situated in the Riverina district of western New South Wales, Australia from VivoPower Pty Ltd, a renewable energy company. The total combined installed capacity of the plants is 0.8 MW. The total cost of the project is expected to be approximately AUD1.4 million (USD1.06 million). The investment per MW will be USD1.3 million.

Currently, the plant is under construction and has a 25 year PPA for approximately 40% of generation capacity. The term sheet provides ReNu Energy exclusivity to the end of February 2018 to complete due diligence, finalise and execute a project development agreement with the developer and to obtain finance.

Concurrently, ReNu Energy agreed to acquire five solar PV projects from VivoPower, for a purchase consideration of approximately AUD0.58 million (USD0.44 million).

The transaction is subject to satisfying several conditions, including connection and development approvals and project financing.

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