VivoPower sells solar farm stake to ITP Renewables
Published by Sarah Smith,
Assistant Editor
Energy Global,
VivoPower International PLC has announced that it has sold its majority ownership stake in the Daisy Hill Solar Farm, an approximately 6.3 MW-DC (approximately 5.0 MW-AC) grid connected solar farm being developed near the town of Hillston in New South Wales, Australia.
The company’s interest in the project was acquired by an affiliate of IT Power (Australia) Pty Ltd (ITP Renewables), a one of the global leaders in renewable energy consulting and project management. ITP Renewables previously held a minority interest in the project and was jointly developing the project with VivoPower.
Total consideration received by VivoPower in the sale represents a 2.1x multiple of VivoPower’s invested capital in the project to date.
Executive Chairman and Chief Executive Officer of VivoPower, Kevin Chin, commented, “We believe the sale of our interest in the Daisy Hill Solar Farm represents a positive financial outcome while also aligning with VivoPower’s new strategy to refocus our efforts on customer-centric sustainable energy solutions, including on-site renewable generation, battery storage and electric vehicles. We are especially pleased to hand the project over to our development partner, ITP Renewables, and are confident that they will complete the project successfully.”
For more news and technical articles from the global renewable industry read our latest issue of Energy Global magazine.
Energy Global’s Winter 2020 issue
The Winter issue of Energy Global provides a range of technical articles covering technological advancements and future outlooks in the renewables sector, from companies including CorPower Ocean, Rystad Energy, Black & Veatch, Voltalia, FUERGY, and more.
Read the article online at: https://www.energyglobal.com/solar/11022021/vivopower-sells-australian-solar-farm-stake-to-itp-renewables/
You might also like
Eavor Erdwärme Geretsried signs loan agreement for geothermal project financing
Eavor Erdwärme Geretsried GmbH has entered into a loan agreement for the project financing totalling at around €130 million with Japan Bank for International Cooperation, the European Investment Bank, ING Bank N.V., Tokyo Branch, and Mizuho Bank, Ltd.