VH Global Sustainable Energy Oppt. First Australian solar & storage project complete (5598F)
11 Julio 2023 - 1:00AM
UK Regulatory
TIDMGSEO
RNS Number : 5598F
VH Global Sustainable Energy Oppt.
11 July 2023
VH Global Sustainable Energy Opportunities plc
11 July 2023
Construction completed for the first hybrid solar and storage
project in Australia
VH Global Sustainable Energy Opportunities plc (the "Company" or
"GSEO") - the London-listed company managed by Victory Hill Capital
Partners LLP focused on the energy infrastructure that is essential
for the global transition towards net zero - is pleased to announce
that it has completed the construction of its first solar and
storage hybrid system in Australia. This has been achieved through
the addition of a 2 hours 4.95MW battery energy storage system
("BESS") on its existing operational solar PV site in South
Australia.
The Australian energy transition programme (the "Australian
Programme") was originally announced in August 2021 with Phase I
consisting of the acquisition of two operating solar PV sites with
a combined capacity of 17MW. Phase II incorporated the construction
of co-located BESS. This has now been completed on the first of the
two sites, while work is ongoing towards optimising the grid
connection of the battery system for the second site.
The Company's operating partner, Birdwood Energy, has worked
closely with the contractors to ensure the timely delivery of this
project.
This represents one of the first hybrid renewable energy plants
in Australia and is a key milestone in the Australian Programme, it
provides the system with additional renewable energy and supports
grid stability with the storage solution. Coupling both
technologies should allow optimisation of each technology to better
serve the needs of the Australian market in its energy transition.
Notably, GSEO expects to gain access to additional energy arbitrage
and frequency stability services revenue streams from the
co-located BESS.
The Company expects additional co-located batteries to be
installed on its other three solar sites currently under
construction in New South Wales. In line with previously stated
plans, these three solar sites are expected to be commissioned in
Q3 2023.
GSEO shareholders continue to support the global energy
transition, with investors benefiting further from NAV growth and a
progressive income stream. The Company targets a total and
unlevered NAV return of 10%, net of fees, and a progressive annual
dividend per share, covered 1.3x, paid quarterly (currently
targeting 5.52p for the year ended 31 December 2023). As further
projects achieve operational status, the dividend coverage is
expected to further strengthen. The Company's operational assets
benefit from over 90% of contracted revenues. Total leverage of the
Company is 2% of NAV, which only includes asset-level leverage to
its US asset.
Richard Lum, Co-CIO of Victory Hill Capital Partners
commented:
"GSEO's first co-located battery site at the South Australia
solar farm marks another key milestone for the company. The
complexity of managing the grid and ensuring stability when there
is already such a high penetration of intermittent solar power
generation in Australia is a real challenge. Its demands can only
be faced with greater energy storage that will help provide smooth
availability of power from renewable sources. Improving stability
is also important to avoid curtailment of renewable energy."
www.vh-gseo.com
The Company's LEI is 213800RFHAOF372UU580.
For further information:
Edelman Smithfield (PR Adviser)
Ged Brumby + 44 (0)7540 412 301
Kanayo Agwunobi +44 (0)758 101 0560
Victory Hill Capital Partners LLP (Investment Manager)
Navin Chauhan info@victory-hill.com
Numis (Corporate Broker)
David Benda +44 (0)20 7260 1000
Matt Goss
Apex Fund and Corporate Services (UK) Limited (Company
Secretary)
ukfundcosec@apexfs.com
About Victory Hill Capital Partners LLP
Victory Hill Capital Partners LLP ("Victory Hill") is authorised
and regulated by the Financial Conduct Authority (FRN 961570).
Victory Hill is based in London and was founded in May 2020 by
an experienced team of energy financiers that spun-out of a large
established global project finance banking group. The team has
participated in more than $200bn in transaction values across 91
conventional and renewable energy-related transactions in over 30
jurisdictions worldwide. Victory Hill is the investment manager of
the Company.
The Victory Hill team deploys its experience across different
financial disciplines in order to assess investments holistically
from multiple points of view. The firm pursues operational
stability and well-designed corporate governance to generate
sustainable positive returns for investors. It focuses on
supporting and accelerating the energy transition and the
attainment of the UN sustainable development goals.
Victory Hill is a signatory of the United Nations Principles for
Responsible Investing (UN PRI), the United Nations Global Compact
(UN GC), Net Zero Asset Managers Initiative (NZAMI), a member of
the Global Impact Investing Network (GIIN) and is a formal
supporter of the Financial Stability Board's Task-Force on
Climate-related Disclosures (TCFD).
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