VH Global Sustainable Energy Opportunities has agreed to acquire three solar sites in Australia, totalling 15MW, for £21m.
The construction of these three sites, all in New South Wales, is expected to begin in the third quarter of 2022 with completion and commissioning expected in the second quarter of 2023.
VH Global Sustainable Energy Opportunities, a London-listed investment company advised by Victory Hill Capital Advisors, has agreed to acquire and build three fully permitted solar sites for £21.2m as part of the existing £50m commitment to its Australian solar PV and storage investment programme.
The Australian Energy Transition Programme was originally announced in August 2021 with operating partner Birdwood Energy.
Phase 1, announced in late 2021, consisted of the acquisition of two operating solar PV sites with a combined capacity of 17MW.
Phase 2, being the construction of co-located battery storage systems has already commenced on one of the two Phase 1 sites.
The addition of batteries will allow greater optionality to capture positive power price movements, prevent over-exposure to negative power prices, and allow them to earn revenues from providing frequency response services to the local grid.
Today’s announcement relates to Phase 3 of the Australian Energy Transition Programme and comprises an initial three new solar PV sites of 5MW each, located in New South Wales.
The company retains exclusivity over a further two sites of 5MW each under Phase 3.
As part of a potential Phase 4 of the Australian Energy Transition Programme, the Company is also evaluating, subject to further due diligence, the ability to construct batteries alongside the Phase 3 assets.