LONDON, Sept. 12, 2017 (GLOBE NEWSWIRE) -- VivoPower International PLC ("VivoPower"), a global next generation solar power company, today announced the execution of the Sale and Purchase Agreement for the transfer of the Amaroo Solar PV Project to ReNu Energy (ASX:RNE) ("RNE") of Australia, pursuant to which ReNu Energy has paid a deposit of A$1 million (or approximately US $0.80 million) out of a total purchase price of A$2.38 million (or approximately US $1.91 million), with completion subject to typical closing conditions.
The Amaroo Solar PV Project is the largest solar PV rooftop project in the Australian Capital Territory, and has been successfully operating since 2015. VivoPower will provide asset management services for the project.
“We are very pleased to have executed the Sale and Purchase Agreement with ReNu Energy for the transfer of the Amaroo Solar PV Project,” said Dr. Philip Comberg, Chief Executive Officer of VivoPower International PLC. “For VivoPower, this is the first of what we expect to be many successful transactions with ReNu in Australia, and further establishes a successful track record for VivoPower’s build, transfer and operate model.”
CEO & Managing Director of RNE, 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 the ACT Government Feed-in Tariff Scheme, making it 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.”
About VivoPower
VivoPower (NASDAQ:VVPR) is a global next generation solar power company that operates a build, transfer and operate (BTO) model to establish an installed solar power asset base in a capital efficient manner. VivoPower does this by aggregating photovoltaic (PV) solar projects underpinned by long term power purchase agreements and then arranges corporate and project financing, engineering design and equipment procurement and manages the construction and development of such solar PV projects for asset owners. VivoPower intends to leverage this asset base to sell distributed generation power, and manage and provide power support services (encompassing operations, maintenance and optimization) and data driven energy services for commercial, industrial and government customers, pursuant to long term contracts with the asset owners so as to maximize the performance and value of their solar assets.
About ReNu Energy
ReNu Energy Limited (ASX:RNE) is an independent power producer which delivers clean energy products and services and provides its customers with renewable energy, at a lower price, with no upfront cost.
Forward-Looking Statements
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