UK’s GSEO to spend GBP 50m on Australian distributed solar & storage

Solar panels in Queensland. Photo by: Sander van Dijk. License: Creative Commons. Attribution 2.0 Generic.

August 3 (Renewables Now) - VH Global Sustainable Energy Opportunities plc (LON:GSEO) plans to invest GBP 50 million (USD 69.5m/EUR 58.4m) to buy distributed solar assets in Australia and add energy storage to them.

The London-listed investment trust said on Monday the investment will be made in two tranches. The first GBP-15-million phase sees the acquisition of two operating photovoltaic (PV) facilities with a combined capacity of 17 MW direct current (DC) in South Australia and Queensland. According to the firm, the sites offer opportunities to support the energy transition through the addition of 1-2h battery storage at each of them. GSEO’s deployment programme is set to expand across the country with a focus on remote load centres.

A partner on the initiative is Birdwood Energy, which has expertise in hybrid solar and battery storage systems.

The two initial solar sites deliver revenues from merchant sales and long-term corporate power purchase agreements (PPAs), as well as Large-scale Generation Certificates (LGCs). They will also provide revenues from energy arbitrage opportunities and frequency services revenues.

The investment represents GSEO’s third deal since its GBP-242.6-million initial public offering (IPO) in early 2021.

GSEO is run by investment adviser Victory Hill Capital Advisors LLP.

(GBP 1 = USD 1.389/EUR 1.169)

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Browse all articles from Plamena Tisheva

Plamena has been a UK-focused reporter for many years. As part of the Renewables Now team she is taking a keen interest in policy moves.

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