VH Global Sustainable Energy Opportunities (GSEO) has completed the construction and commissioning of a third solar and storage hybrid system in New South Wales, Australia.
This follows the completion of two hybrid systems in the state and brings the operational portion of the company’s portfolio to 69%, up from 61% as of 30 June 2024.
As with the previously announced systems, this third site also comprises a solar PV site with a DC-coupled two-hour 4.95MW battery energy storage system (BESS).
The coupling of solar PV with BESS technologies provides the Australian energy system with much-needed grid stability and an effective storage solution.
GSEO’s Australian energy transition programme now consists of five operational assets with a further two currently under construction.
Once complete in 2025, the total capacity of the Australian Programme will be 37MW/60MWh, across seven assets in New South Wales, Queensland and South Australia.
The company is targeting a total unlevered NAV return of 10%, net of fees, and a progressive annual dividend per share, covered 1.1x as of 30 June 2024, paid quarterly (currently targeting 5.68p for the year ending 31 December 2024).