Market Herald logo

Subscribe

Be the first with the news that moves the market

ReNu Energy has announced the execution of two-term sheets with Astronergy Solar Australia for the purchase of two 5.8MW DC grid connected solar farm developments.

The solar farms are located in South Australia and are in the final stages of obtaining all necessary parts and approvals. Once the solar panels are installed renewable energy is exported to the grid and sold under long term corporate power purchase agreements.

This allows users to benefit the solutions that come with solar power while not needing to install the solar grid. It is estimated that all approvals will be in completed by 30 June and construction and generation commencing later in 2019.

Astronergy and ReNu will use this partnership to complete due diligence and negotiate definitive legal binding agreements for each project.

Total cost is expected to be $17.2 million and CEO of ReNu Energy Craig Ricarto hopes the income will outweigh the cost.

“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, we believe these projects represent a great opportunity for us to deliver on our target,” he said.

ReNu currently covers Australia, Europe, Asia, Africa and North America however they would like to focus more on the Australian market.

Please find the announcement here

RNE by the numbers
More From The Market Herald
Cue Energy (ASX:CUE) - CEO, Matthew Boyall

" Cue Energy (ASX:CUE) enters $7m loan agreement with New Zealand Oil & Gas (ASX:NZO)

Cue Energy (ASX:CUE) has entered a $7 million, two-year unsecured loan agreement with New Zealand Oil…
ReNu Energy (ASX:RNE) - CEO, Greg Watson

" ReNu Energy (ASX:RNE) and Countrywide to launch green hydrogen production facility in Tasmania

ReNu Energy (ASX:RNE) and its wholly-owned subsidiary Countrywide Renewable Hydrogen start design of a green hydrogen…

" Helloworld Travel expands New Zealand network

Leading Australian and New Zealand travel company, Helloworld Travel Limited has just announced that a number…

" Syrah Resources (ASX:SYR) board green-lights Balama solar battery system final investment decision

Syrah Resources (ASX:SYR) approves the final investment decision (FID) for the installation of a solar and…