VH Global to buy 15 MW of fully-permitted solar projects in Australia

Solar panels in New South Wales. Image by NSW Department of Planning and Environment (www.planning.nsw.gov.au/).

VH Global Sustainable Energy Opportunities Plc (LON:GSEO) said today it has clinched a deal to acquire a 15-MW portfolio of fully-permitted solar photovoltaic (PV) projects in Australia for GBP 21.2 million (USD 24.3m/EUR 24.3m).

The renewable energy investor will make the purchase as part of its commitment to spend GBP 50 million for new solar and energy storage assets in Australia. The programme was launched last summer in collaboration with local partner Birdwood Energy.

The target portfolio consists of three PV projects in the state of New South Wales, each with an individual capacity of 5 MW. The construction of the plants is scheduled to begin in the third quarter, with commercial operations aimed to be achieved in the second quarter of next year. The potential for co-located battery storage at these sites is under evaluation.

The output of the three PV plants will be sold on a merchant basis and through power purchase agreements (PPAs).

As part of the transaction, VH Global will retain exclusivity to acquire two more projects of 5 MW each. Under its Aussie programme, the company last year acquired two operational solar parks totalling 17 MW and is now installing a battery energy storage system at one of these sites.

(GBP 1.0 = USD 1.148/EUR 1.148)

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