VivoPower is pleased to announce that we have sold our majority ownership stake in the Daisy Hill Solar Farm project, an approximately 6.3 MW-DC (approximately 5.0 MW-AC) grid connected solar farm being developed near the town of Hillston in New South Wales, Australia.
Our interest in the Project was acquired by an affiliate of ITP Renewables, a global leader in renewable energy consulting and project management. ITP Renewables previously held a minority interest in the project and was jointly developing the project with VivoPower.
Total consideration received by VivoPower in the sale represents a 2.1x multiple of our invested capital in the project to date.
Executive Chairman and CEO of VivoPower, Kevin Chin, commented, “We believe the sale of our interest in the Daisy Hill Solar Farm represents a positive financial outcome while also aligning with VivoPower’s new strategy to refocus our efforts on customer-centric sustainable energy solutions, including on-site renewable generation, battery storage and electric vehicles. We are especially pleased to hand the project over to our development partner, ITP Renewables, and are confident that they will complete the project successfully.”
To read our full press release, and to keep up with all of VivoPower’s releases, visit our Press Releases page.
