VH Global closes purchase of 15-MW solar project trio in Australia

• Renewable energy investor VH Global Sustainable Energy Opportunities Plc (LON: GSEO) said today it has actually finalised the GBP-21.2-million (USD 23.9 m/EUR 24.3 m) acquisition of a 15-MW portfolio of solar projects in Australia.

The offer, initially revealed in September, included the purchase of all equity rate of interests in 3 schemes. It was accomplished as part of VH Global's commitment to spend GBP 50 million for new solar as well as energy storage assets in Australia. The programme was launched last summer in cooperation with regional partner Birdwood Energy.

The acquired portfolio contains PV projects located in the state of New South Wales, each with a private capability of 5 MW and all called for licenses in place. The construction of the plants is set up to start in the 3rd quarter, with commercial procedures intended to be achieved in the second quarter of following year. The potential for co-located battery storage is under analysis.

The output of the 3 PV plants will be sold on a merchant basis as well as through power purchase agreements (PPAs).