Market Herald logo


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

" TEK-Ocean (ASX:T3K) awarded artificial reef installation project

Recently listed company TEK-Ocean Group (T3K) has been awarded an artificial reef installation project by Subcon Blue Solutions.

" Alligator Energy (ASX:AGE) appoints new COO as drilling approval received for Samphire

Alligator Energy (AGE) has appointed a new Chief Operating Officer as approval is received to begin drilling at the Samphire Uranium project in

" A-Cap Energy (ASX:ACB) raises $17.4m in rights issue

Australian-based resources company A-Cap Energy (ACB) has raised $17.4 million via its heavily oversubscribed renounceable rights issue.
Strike Energy (ASX:STX) - Managing Director & CEO, Stuart Nicholls

" Strike Energy (ASX:STX) caps off busy Q1 with ASX-300 listing

Strike Energy (STX) capped off a busy start to the 2022 financial year by announcing it had been added to the ASX 300.