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.