Sydney's largest CBD solar PV Array has opened for investment Sydney Renewable Power Company (SRPC), an unlisted public company, which has the 25- year concession to finance and manage Sydney’s largest CBD solar PV Array, is now open for public investment.
The PV Array, located on top of the new International Convention Centre (ICC) in Darling Harbour, covers the equivalent of 12 tennis courts in size and will generate enough electricity to power approximately 100 homes each year.
The public offer is being made specifically to the community and retail investors – to ensure that people who want to invest in clean energy, have accessible investment options.
Founding Director, Andy Cavanagh-Downs said; “So many people in the community want to see a faster transition towards renewable energy generation than is currently occurring. SRPC provides those individuals the opportunity to speed up this transition by allocating capital to the financing of such projects.”
The offer of 519 unlisted shares to raise $1,427,250, will be used to repay the loan used to finance the development of the 520kW rooftop, solar PV Array. SRPC’s revenues are underpinned, through an off-take agreement with Darling Harbour Live (DHL). SPRC will sell all the electricity generated to Darling Harbour Live (DHL), the ICC’s manager, under a 25-year agreement which includes annual price escalation. SRPC expects to be cash flow positive from the first invoice it issues in 2017.
Allegra Spender, Chair of the SRPC Board; “SRPC is more than just an infrastructure investment, as alongside the expected financial returns, it is designed to deliver social and environmental benefits. The Board believes this is an exciting opportunity for Sydney-siders who want to own their own clean energy infrastructure.”
Making this offer available to retail investors was a founding principle of SRPC’s volunteer Board. Accordingly, an Offer Information Statement that has been lodged with ASIC and is available via the SRPC website.