ReNu Energy has acquired two solar farms in South Australia from Astronergy Solar Australia.
The two 5.8MW grid connected solar farm developments are located near Kadina and Bungama in South Australia, and ReNu Energy is in the final stages of obtaining all necessary development and connection approvals.
The total cost to acquire the projects and complete construction is $17.2 million.
ReNu Energy and Astronergy will work together over the exclusivity period to complete due
diligence, negotiate and enter into definitive legally binding agreements, including Sale and Purchase Agreements (SPAs) for each project.
The completion of each project SPA will be conditional upon ReNu Energy obtaining suitable finance to acquire and construct the project, and all necessary regulatory and shareholder approvals.
ReNu Energy CEO, Craig Ricato, said, “We are delighted to have the opportunity to acquire these two solar farm development projects from Astronergy.
“We have stated on a number of occasions that we are focused on becoming cash flow positive for the first time in the company’s history in 2019, and we believe these projects represent a great opportunity for us to deliver on our target.
“Astronergy is a global leader in the solar energy industry and we are excited to be working with them to develop quality renewable energy assets in Australia,” Mr Ricato said.
CEO of Astronergy, Dr Lu Chuan, said “Astronergy is actively engaged in the solar industry and the successful acquisition by ReNu Energy marks a big milestone for Astronergy in the Australian market.”