VivoPower, Innovative Solar form JV for 1.8GW solar power portfolio in US
Subsidiaries of solar power company, VivoPower International and Innovative Solar Systems have formed a joint venture (JV) for a 1.8GW solar power portfolio in the US.
Innovative Solar will continue development of the solar projects in the portfolio that is spread across the country. On the other hand, VivoPower will hold the right to acquire each project in it once their development is complete.
The UK-based VivoPower’s US subsidiary will handle the design, funding, and construction of each of the projects under a build, transfer and operate (BTO) model.
Innovative Solar co-founder Richard Green said: “Our joint venture with VivoPower will allow us to accelerate the growth of our business by having a reliable partner to monetize our portfolio of solar projects following the completion of our predefined development milestones.”
Both Innovative Solar and VivoPower International had worked together in the development, construction and funding of two solar projects with a combined capacity of nearly 90MW in North Carolina in the last 12 months.
VivoPower International CEO Dr. Philip Comberg said that Innovative Solar had assembled a highly attractive, diversified pipeline of solar power projects, and this initiative lays out a robust foundation for future growth and profitability of VivoPower.
The solar power company, VivoPower operates a BTO model to set up an installed solar power asset base in a cost-efficient manner. It claims to do so by aggregating photovoltaic (PV) solar plants supported by long term power purchase agreements.
Its partner in the new joint venture, Innovative Solar develops utility-scale ground-mounted solar farms. It boasts of over 630MW of solar energy plants that have all been divested to date.
In February, the North Carolina-headquartered company, Innovative Solar Systems announced that it was divesting over 5GW of solar plant assets existing in more than 20 states in the US.
Image: VivoPower and Innovative Solar have formed a JV for solar farms in the US. Photo: courtesy of worradmu/Freedigitalphotos.net.