VivoPower International PLC Announces Agreement to Develop Utility-Scale Solar Assets in New South Wales
LONDON, Sept. 07, 2018 (GLOBE NEWSWIRE) -- VivoPower International PLC (Nasdaq: VVPR) (“VivoPower”), an international solar power company, is pleased to announce that its wholly-owned subsidiary in Australia, VivoPower Pty Ltd (“VivoPower Australia”) has entered into a partnership with IT Power (Australia) Pty Ltd (“ITP”) to jointly develop a portfolio of utility-scale ground-mounted solar projects in New South Wales.
VivoPower Australia and ITP will share responsibility for development of the solar projects in the portfolio, with an initial aggregate capacity of at least 50 megawatts and the opportunity to add additional capacity over time. VivoPower and ITP intend to design, contract, finance and construct each project on a rolling basis.
VivoPower has demonstrated a successful track record with utility-scale solar projects, having developed, constructed and financed projects representing more than 90 megawatts of generating capacity over the past two years.
“VivoPower is excited about this major solar development initiative in the New South Wales market, which represents a significant expansion of our Australian footprint, and is also highly complementary to the solar initiatives of our subisidary Aevitas,” said Carl Weatherley-White, Chief Executive Officer of VivoPower. “We are very pleased to be working with ITP, a highly successful and respected partner with demonstrated experience in the Australian renewables market.”
“ITP are delighted to be working closely with VivoPower on this exciting enterprise. VivoPower have been highly successful with their international solar farm development projects and combined with our extensive local experience in the Australian energy market, we are confident of success,” said Simon Franklin, Managing Director of ITP.
About VivoPower
VivoPower is an international solar power producer and storage company that is developing, building and operating projects on a global basis in a capital efficient manner. VivoPower does this by aggregating photovoltaic (PV) solar projects underpinned by long-term power purchase agreements, arranging corporate and project financing, engineering, design and equipment procurement and managing the construction and development of such solar PV projects.
About IT Power Australia Pty
Established in 2003, ITP is a renewable energy consulting and engineering company, working on projects of all sizes for governments, corporations, aid agencies and energy providers in Australia. As part of the wider ITP Energised Group, one of the first consultancies to bring together specialists in renewable energy, energy efficiency and carbon markets, ITP draws on more than three decades of experience delivering thousands of renewable energy projects around the globe. Within the ITP Energised Group, ITP leads work in the Australian and Asia / Pacific region and works globally with ITP Energised Group partners.
Forward-Looking Statements
This communication includes certain statements that may constitute “forward-looking statements” for purposes of the U.S. federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about the benefits of the events or transactions described in this communication and the expected returns therefrom. These statements are based on VivoPower’s management’s current expectations or beliefs and are subject to risk, uncertainty and changes in circumstances. Actual results may vary materially from those expressed or implied by the statements herein due to changes in economic, business, competitive and/or regulatory factors, and other risks and uncertainties affecting the operation of VivoPower’s business. These risks, uncertainties and contingencies include changes in business conditions, fluctuations in customer demand, changes in accounting interpretations, management of rapid growth, intensity of competition from other providers of products and services, changes in general economic conditions, geopolitical events and regulatory changes and other factors set forth in VivoPower’s filings with the United States Securities and Exchange Commission. The information set forth herein should be read in light of such risks. VivoPower is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements whether as a result of new information, future events, changes in assumptions or otherwise.
Contact Julie-Anne Byrne Investor Relations
