VH Global to purchase 15 MW of fully-permitted solar projects in Australia

• VH Global Sustainable Energy Opportunities Plc (LON: GSEO) said today it has actually secured a deal to acquire a 15-MW portfolio of fully-permitted solar photovoltaic (PV) projects in Australia for GBP 21.2 million (USD 24.3 m/EUR 24.3 m).

The renewable resource financier will make the purchase as part of its commitment to invest GBP 50 million for new solar as well as energy storage assets in Australia. The program was launched last summer in partnership with regional companion Birdwood Energy.

The target portfolio consists of three PV projects in the state of New South Wales, each with a private capacity of 5 MW. The construction of the plants is arranged to start in the third quarter, with business procedures aimed to be achieved in the second quarter of next year. The potential for co-located battery storage space at these sites is under assessment.

The result of the 3 PV plants will certainly be sold on a seller basis and via power purchase arrangements (PPAs).

As part of the transaction, VH Global will retain exclusivity to acquire two even more projects of 5 MW each. Under its Aussie program, the company in 2015 acquired 2 operational solar parks completing 17 MW as well as is now setting up a battery energy storage system at one of these sites.