ReNu Energy signs Term Sheets to acquire 2 x 5.8MW DC of solar farms in SA

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.

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.