- ReNu Energy Limited (ASX:RNE) is pleased to announce the execution of two Term Sheets with Astronergy Solar Australia Pty Ltd (Astronergy) for the acquisition of two 5.8MW DC (4.95MW AC) grid connected solar farm developments in South Australia.
The solar farm developments are located near Kadina and Bungama in South Australia, and are in the final stages of obtaining all necessary development and connection approvals. It is anticipated that all project approvals will be in place by 30 June, and that construction will be completed and generation commenced in Q4, 2019.
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 & Purchase Agreements (SPA) 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.
Commenting on the execution of the Term Sheets, 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.”
Dr. Lu, Chuan, the CEO of Astronergy commented: “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.
- ReNu Energy is a professional solar business and we are very glad that our ability in project development and EPC services, along with our reliable PV module products, has gained ReNu’s recognition. Now our footprint covers Australia, Europe, Asia, Africa and North America. We would like to invest more in Australia in the future and explore more opportunities with our partners.”