ReNu Energy has executed a Heads of Agreement (HOA) with GrainCorp for the development of three solar PV projects within eastern Australia.
GrainCorp is one of Australia’s leading grain exporters and owns eastern Australia’s largest integrated grain storage and transport network. During the exclusivity period, which ends 30 June 2019, ReNu Energy and GrainCorp will work together to evaluate and develop three pilot project solar PV sites which will be built, owned, operated and maintained by ReNu Energy.
The projects will provide GrainCorp with the benefits at each site of:
Power cost savings
Improved energy security
Reduced exposure to energy market cost volatility
Enhanced corporate sustainability outcomes by reducing GrainCorp’s environmental impact in the area of energy and emissions
Any subsequent solar PV projects will be developed under separate agreements between ReNu Energy and GrainCorp, after development of the pilot projects.
Commenting on the execution of the HOA, ReNu Energy’s CEO, Craig Ricato, said, “We are very pleased to have the opportunity to work with GrainCorp on the evaluation and delivery of the first three solar PV projects within their extensive network of properties in eastern Australia.
“We are looking forward to assisting GrainCorp as they continue to evaluate their future energy requirements and the benefits of the broad adoption of renewable energy within their property portfolio.
“Our agreement with GrainCorp to develop these three pilot projects is well aligned with our strategy of delivering behind-the-meter solar PV installations, which are supported by long-term power purchase agreements.
“The Australian agribusiness sector represents significant opportunities for the delivery of solar and bioenergy projects for ReNu Energy, and we look forward to demonstrating the significant positive impacts that solar can have on a company’s operations through the deployment of these three projects in GrainCorp’s portfolio.”