May 1 (Renewables Now) - Aussie firm ReNu Energy (ASX:RNE) said on Friday it has agreed to buy 9.9 MW of under-development solar projects in South Australia from Astronergy, part of China's Chint Group.
ReNu Energy, a renewable energy provider using a build, own, operate and maintain model, has signed two term sheets with Astronergy Solar Australia Pty Ltd for buying the two projects. Each of them has a capacity of 4.95 MW/5.8 MW DC and is in the final permitting stages. It is expected that all approvals will be obtained by the end of June and the plants will be switched on in the last quarter of 2019.
The completion of a sale and purchase agreement for each project is conditional on ReNu Energy obtaining funds to purchase and build the plants. Regulatory and shareholder approvals are also required.
“We have stated on a number of occasions that we are focused on becoming cash flow positive for the first time in the company’s history in 2019, and we believe these projects represent a great opportunity for us to deliver on our target,” said ReNu Energy’s CEO Craig Ricato.
The two solar parks will be constructed near Kadina and Bungama, South Australia.