ReNu Energy has entered a Heads of Agreement (HOA) with Shopping Centres Australasia Property Group (SCA Property Group) to further roll out four solar PV and embedded networks.
The HOA remains subject to entry into final binding transaction documents for each shopping centre. The HOA, which has been restructured following the delivery of the initial four solar PV embedded networks, will see ReNu Energy immediately commence viability assessments on two centres in Victoria and two centres in Queensland.
The viability assessment will determine the shopping centres’ electrical infrastructure, load profile, solar PV systems design and sizing, and suitability for the establishment of an embedded network.
Once the centres’ viability has been ascertained, ReNu Energy may choose to execute the projects in two stages. Stage One being for the solar PV and electricity supply for the common area and Stage Two being solar PV and electricity for the remaining tenant embedded network.
The staged approach will deliver improvements to resource and capital efficiency and has been adopted following the learnings from the delivery of the first four solar PV embedded networks, where issues such as overlapping State and Federal regulatory frameworks and timelines negatively impacted the timely completion.
The proposal for each centre for the installation of solar PV and the operation of the embedded network will be for a term of ten years, with a right to renew by ReNu Energy for three further terms of five years each.
ReNu Energy CEO and Managing Director, Craig Ricato, said, “We are very happy to be continuing our relationship with the SCA Property Group in the delivery of a four further solar PV embedded networks.
“We have learnt a lot during the delivery of the first four centres and look forward to putting these learnings into practice as we deliver the next four.
“The option to deliver the projects in a staged approach will ensure we are able to more efficiently deploy our resources as we work with the shopping centre tenants and regulators to secure the necessary approvals to establish embedded networks.”