Sydney’s largest CBD solar project open for investment

Photo: NSW Office of Environment and Heritage
Sydney’s largest CBD solar installation on top of the International Convention Centre. Photo: NSW Office of Environment and Heritage

Sydney Renewable Power Company has opened the city’s largest CBD solar PV Array for public investment.

The PV Array, located on top of the new International Convention Centre in Darling Harbour, covers the equivalent of 12 tennis courts in size and will generate enough electricity to power approximately 100 homes each year.

The public offer is being made specifically to the community and retail investors – to ensure that people who want to invest in clean energy, have accessible investment options.

“So many people in the community want to see a faster transition towards renewable energy generation than is currently occurring,” founding director Andy Cavanagh-Downs said.

“SRPC provides those individuals the opportunity to speed up this transition by allocating capital to the financing of such projects.”

The offer of 519 unlisted shares to raise $1,427,250 will be used to repay the loan used to finance the development of the 520kW rooftop, solar PV Array.

SRPC’s revenues are underpinned, through an off-take agreement with Darling Harbour Live (DHL).

SPRC will sell all the electricity generated to Darling Harbour Live (DHL), the ICC’s manager, under a 25-year agreement which includes annual price escalation. SRPC expects to be cash flow positive from the first invoice it issues in 2017.

Chair of the SRPC Board Allegra Spender said the project is more than just an infrastructure investment.

“The Board believes this is an exciting opportunity for Sydney-siders who want to own their own clean energy infrastructure,” Ms Spender said.

An Offer Information Statement that has been lodged with ASIC is available via the SRPC website.