VH Global Sustainable Energy Opportunities expands Australian energy transition programme with new phase – VH Global Sustainable Energy Opportunities (GSEO) has agreed to acquire and build three fully-permitted solar PV 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 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 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 III of the programme and comprises an initial three new solar PV sites of 5MW each, located in New South Wales. The construction of these three sites is expected to begin in Q3 2022 with completion and commissioning expected in Q2 2023. GSEO retains exclusivity over a further two sites of 5MW each under Phase III.
Expected full deployment in relation to Phases I, II and III of the programme remains in line with the trust’s original £50m commitment.
As part of a potential Phase IV of the programme, NESF is also evaluating, subject to further due diligence, the ability to construct battery storage systems alongside the Phase III assets.
All solar PV generation assets are expected to combine merchant sales and long-term corporate PPA revenues as well as Large-scale Generation Certificates. In addition, investors are expected to benefit from revenues stemming from profitable energy arbitrage opportunities and frequency services revenues.
GSEO : VH Global Sustainable Energy Opportunities expands Australian energy transition programme with new phase