VivoPower closes financing for solar project in North Carolina

Subscribe to our newsletter and get the latest news and business opportunities in your inbox
VivoPower closes financing for solar project in North Carolina

Arowana International Limited (AWN) has announced that one of its operating companies, VivoPower International PLC has, via its subsidiary VivoPower USA, LLC, achieved contractual close to finance and manage the build of NC-47, a 47.6 MW utility-scale solar photovoltaic (PV) project in US..

The project will be situated on ~260 acres of land in Robeson County, North Carolina, United States and has a 10 year power purchase agreement (PPA) with Duke Energy Progress Inc. Consistent with its BTO (build, transfer, operate) model, VivoPower has executed binding agreements for New Energy Solar Fund to acquire a majority stake in the project for a total investment of US$47.3 million conditional upon construction being completed and Commercial Operations Date (COD) being achieved. COD is scheduled to occur in March 2017.

To date, AWN has through VivoPower made a net equity investment of US$6.9 million, with the balance of project costs to be funded primarily by third party construction finance debt. Upon successful achievement of COD and repayment of construction finance, AWN expects to receive a positive return on its investment. VivoPower USA will also receive ongoing revenue for operational support services provided to the project.

This investment follows the successful financial close of the NC-31 project as announced on 1 August 2016, representing a further milestone in the progress of VivoPower as it develops its global solar business.

List of country news

Country news

  • November 04, 2016

    Duke Energy launches RFP for 750 MW of renewable projects

    Furthering efforts to provide renewable energy to customers, Duke Energy Carolinas (DEC) has issued a request for 750,000 MWh of energy located in North Carolina (US). Read more
  • November 03, 2016

    Blackstone’s GSO establishes Sequel Energy Group

    GSO Capital Partners LP (GSO), the credit platform of Blackstone, has announced the formation of Sequel Energy Group oil and gas company Read more
  • November 03, 2016

    First Solar and MCE announce PPA for Little Bear Solar Project in Fresno County

    First Solar, Inc. and MCE have announced that MCE has entered into a Power Purchase Agreement (PPA) for electricity generated from 40MW of First Solar's Little Bear Solar Project in Fresno County, CA (US). Read more
  • November 03, 2016

    Renew Financial Closes $200 Million Credit Facility

    Renew Financial, a clean energy finance company, has announced that it has closed a US$200 million revolving credit facility. Read more
  • November 02, 2016

    Amazon Web Services announces Amazon Wind Farm US Central 2

    Amazon Web Services, Inc. (AWS), an Amazon.com company, has announced the Amazon Wind Farm US Central 2, a new 189 MW wind farm in Hardin County, Ohio. Read more

Share this news

Join us

In order to get full access to News section, you must have a full subscription. You can check all the benefits of becoming a member and purchase a subscription on our membership page.