VivoPower International PLC announces sale of Express Solar PPAs
VivoPower International PLC has announced that an affiliate of Diamond Energy Pty Ltd (Diamond Energy) has acquired the Express Solar PPA agreements from VivoPower's wholly-owned Australian subsidiary. The terms of the acquisition has not been disclosed.
Express Solar is an Australian green energy company that distributes and installs solar energy systems and related technology. Its unique business model involves entering into power purchase agreements (PPAs) with customers, enabling customers to buy the electricity generated by the solar systems installed on their roofs at a reduced market rate. After 15 years ownership of the systems and all the electricity produced is transferred to the respective home owners.
The transaction provides Diamond Energy with capital to develop and build new solar assets in Australia, while ensuring that the continuation of Express Power Solar PPA customers' service and savings from their roof top solar systems.
Customers will be offered additional incentives to streamline their current process and where applicable manage their grid connection through Diamond Energy retail.
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