ReNu Energy has signed a heads of agreement with Australian engineer, Kinelli, ahead of the development of a 7.4MW solar farm in northern New South Wales.
The company has also signed a separate heads of agreement with the land owner at the Boggabilla site for an option to lease the land for the project for a period of 25 years, including two five-year options.
The deal provides ReNu Energy with an exclusive period of 90 days to conduct due diligence and enter into definitive legal agreements.
The project is expected to use around 27,000 solar panels covering 10ha and will be linked to central inverter stations, designed to allow for the future installation of battery storage.
“The proposed Boggabilla solar farm is an exciting opportunity for ReNu Energy to expand its portfolio of renewable energy projects from 5.4MW DC to 12.8MW DC,” said ReNu Energy CEO and managing director Chris Murray.
“The opportunity demonstrates the VivoPower Alliance agreement at work and is one of a number of projects in the near-term pipeline.”