Renewable energy investor VH Global Sustainable Energy Opportunities will acquire a 15MW portfolio of fully-permitted solar PV projects in Australia for GBP 21.2 million (AU$36m), Renewables Now reports.
The portfolio consists of three 5MW solar PV projects in New South Wales. The potential for co-located battery storage at these sites is under evaluation and the output of the three PV plants will be sold on a merchant basis and through power purchase agreements (PPAs).
As part of the deal, VH Global will retain exclusive rights to acquire two more solar PV projects of 5MW each.
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VH Global said the purchase agreement was part of its commitment to spend GBP 50 million for new solar and energy storage assets Down Under in collaboration with local partner Birdwood Energy.
The Australian energy transition program was originally announced in August 2021 and consisted of the acquisition of two operating solar PV sites with a combined capacity of 17MW. Phase II, being the construction of co-located battery storage systems has already commenced on one of the two Phase I sites. The addition of these systems will allow greater optionality to capture positive power price movements, prevent overexposure to negative power prices, and allow them to earn revenues from providing frequency response services to the local grid.
