ReNu Energy Limited sale of solar assets

20 September 2019

News

Thomson Geer has advised independent power producer, ReNu Energy Limited (ASX:RNE) on the sale of its solar PV assets to CleanPeak Energy, a specialist distributed energy company, for $5.775 million.  The sale assets include ReNu Energy’s embedded network operations at four Shopping Centres Australasia (SCA) properties, the Amaroo School Solar Project (the ACT’s largest rooftop solar PV project) and its solar business development pipeline. The Thomson Geer team advising ReNu was Partner, Eugene Fung and Lawyer, Thomas Gardner.

ReNu Energy Limited is an independent power producer which delivers clean energy products and services. Renu builds, owns, operates and maintains renewable energy assets so its customers can access renewable energy, at a lower price, with no upfront cost.

ReNu Energy was previously known as Geodynamics, but has expanded beyond its original geothermal business into bioenergy and solar.

This transaction represented an opportunity for ReNu Energy to realise cash for reinvestment as it continues to explore grid connected, industrial Solar PV and Bioenergy power generation opportunities, consistent with its strategy as an independent power producer.

The proceeds will also be applied towards debt reduction and strengthening ReNu Energy’s balance sheet.

Further information can be found at this link: https://www.pv-magazine-australia.com/2019/08/05/cleanpeak-expands-its-solar-shopping-centre-portfolio-with-acquisition-of-renu/