2nd Aug 2021 14:01
VH Global Sustainable Energy Opportunities PLC - London-based energy infrastructure investor - Commits GBP50 million to acquire an portfolio of distributed solar generation assets in Australia. Plans to split the commitment into two tranches.
Says the first GBP15 million tranche will be used to buy two operating solar photovoltaic sites, totalling 17 megawatts in South Australia and Queensland. Partners with experienced battery storage and renewable energy company Birdwood Energy to operate the sites.
"Both initial solar [photovoltaic sites] generation assets combine merchant sales and long-term corporate [power purchase agreement] revenues as well as Large-scale Generation Certificates...In addition, investors will also benefit from revenues stemming from profitable energy arbitrage opportunities and frequency services revenues," the company says.
Expects levered return ahead of its target annual dividend yield of 5% and in line with its target return of 10%.
Says this is the third deal since its initial public offering. Adds that 59% of the net proceeds raised on IPO have now been committed or deployed.
Current stock price: 98.80 pence, down 1.1% on Monday afternoon
Year-to-date change: down 2.2% from February 2
By Scarlett Butler; scarlettbutler@alliancenews.com
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