News and Announcements
ReNu Energy (ASX: RNE) and RIWIF sign Alliance Agreement
- Published June 15, 2018 12:00AM UTC
- Publisher Wholesale Investor
- Categories Company Updates
KEY TAKEAWAYS:
- ReNu Energy and RIWIF sign an Alliance Agreement to develop a $100m bioenergy portfolio.
- The first project of the agreement is the sale of 70% of the Goulburn Bioenergy Project for $2.8m.
- The second project is in the due diligence phase concerning the investment into ReNu’s AJ Bush Bioenergy Project.
ReNu Energy and Resonance Industrial Water Infrastructure Fund (RIWIF), an investment fund, signed an Alliance Agreement to develop a $100m bioenergy portfolio. ReNu energy is an independent power producer who provides customers with renewable energy across Australia and New Zealand.
The agreement has seen the investment for two projects. The first project will see RIWIF acquire 70% interest in ReNu’s Goulburn Bioenergy Project equating to $2.8m, with ReNu remaining the project operator. The ownership and management of the project will be governed by a shareholder’s agreement, which will also be the case for future alliance projects. The transaction is set to be complete in July 2018, awaiting a Foreign Investment Review Board (FIRB) approval.
Due diligence for the second Alliance Project, The AJ Bush Bioenergy Project and the investment in the AJ Bush ‘G4’ bioenergy expansion project is progressing with the finalisation of the investment decision and negotiations set to conclude in Q3 2018. The agreement sets the stage to develop and grow their portfolio of renewable bioenergy assets. The Alliance Agreement will allow RIWIF the first right of refusal over the next four years to take a 70% interest in the development of the next $100m of bioenergy projects in Australia and New Zealand.
About ReNu Energy Limited (ASX: RNE)
ReNu Energy Limited is a clean energy products and services company, delivering independent power solutions through the development of, build, own, operate and maintain renewable energy projects in Australia. The Company’s solar PV and embedded network projects will operate behind the meter, providing electricity directly to its customers in the commercial, industrial and agricultural sectors.
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