VivoPower International PLC announced the substantial completion and partial sale of its 43-MWdc solar project in Bladen County, North Carolina.
VivoPower’s indirect, wholly-owned subsidiary IS-31 Holdings has transferred a majority interest in the project to a subsidiary of New Energy Solar, a sustainable investment fund. Following the partial sale, an affiliate of the company has retained a minority interest and will provide management services to the project under a management services agreement.
The project resulted in approximately $22 million of economic impact in Bladen County over the course of 2016, notwithstanding that construction had to contend with Hurricane Matthew.
Dr. Philip Comberg, Chief Executive Officer of VivoPower, commented, “We are pleased to have completed the construction and transfer of the project to NES, bringing sustainable energy to thousands of households and contributing to further economic development in Bladen County. The completion of this project further establishes a successful track record for the Company’s build, transfer and operate model.”
Tom Kline, Chief Executive Officer of NES commented, “NES is delighted its first North Carolina project is now operational and selling power under a long term power purchase agreement with Duke Energy Progress, Inc. We are very pleased with our partnership with VivoPower and the project they have delivered. We look forward to continuing to work with Vivopower on this and other projects.”
News item from VivoPower