VivoPower International PLC Announces Update on Sale of US Solar Projects, Leadership Change and Strategy
26 Fevereiro 2019 - 11:00AM
VivoPower International PLC (Nasdaq: VVPR) (“VivoPower” or the
“Company”), an international solar power company, today announced
it has received letters of intent in relation to the purchase of a
number of its solar projects with a total power generation capacity
of 103MW from its 1.8GW DC U.S. solar development joint venture
portfolio. It is expected that this first sale from the portfolio
will be completed by the end of March 2019. VivoPower is
progressing with negotiations on the sale of the entire portfolio
as well as other individual projects.
VivoPower also announced that the Company’s New
York based Chief Executive Officer (“CEO”), Carl Weatherley-White,
has resigned from the Company. Art Russell, currently Chief
Financial Officer of VivoPower will assume the role of Interim CEO.
Matthew Cahir, who has been working closely with the VivoPower
Board of Directors and CEO since October 2018 on the U.S. solar
development portfolio sale process, will continue to act as Senior
Advisor with a specific mandate to complete the sale of the
portfolio and maximize proceeds to the Company in the process.
Kevin Chin, Executive Chairman of VivoPower said “We would like to
thank Carl for his contribution to the Company and while he may
still consult for us from time to time in the coming months, we
would like to take this opportunity to wish him well for the
future. We are pleased that Art Russell has agreed to take on the
role as interim CEO and he will work closely with Matt Cahir, who
has been instrumental in accelerating the sales process and
continues to work on a range of other project sales at
present”.
With regards to the sale process, Art Russell
commented “Since the VivoPower Board of Directors decided in
December to explore a sale of the U.S. solar portfolio as a
sum of the parts process in parallel with a sale of the entire
portfolio, we have been pleased with the level of interest from
various parties for clusters of projects as well as individual
projects. The imminent sale of the Texas projects vindicates
the strategy to be more flexible in how the portfolio is
sold. We are engaging with a diverse range of potential buyers
including IPPs, EPC firms, OEM manufacturers, infrastructure funds,
renewable funds, and non-profit foundations and expect that it will
take an estimated 6 months to consummate the sale of the remainder
of the portfolio”.
On future strategy, VivoPower’s Executive
Chairman, Kevin Chin said “Over the coming months, we expect to be
announcing further updates with regards to sales of the Company’s
U.S. solar projects. We continue to drive growth in our Australian
power services business, Aevitas, which is winning record levels of
work across a diverse range of industries including solar, data
centers, water, mining and utilities. As more U.S. solar
projects are sold, we anticipate that the Company’s cash reserves
will increase and, in this context, the Board of Directors has
commenced a review of our strategic options in terms of how to
deploy the proceeds from sale. We will update the market on a
timely basis”.
About VivoPowerVivoPower is an
international solar power producer that develops, owns and operates
PV solar projects in a capital efficient manner. VivoPower partners
with long-term investors, suppliers and developers to accelerate
the growth of its portfolio of solar projects. In addition, the
Company provides critical energy infrastructure solutions to
commercial and industrial customers throughout Australia.
Forward-Looking Statements
This communication includes certain statements
that may constitute “forward-looking statements” for purposes of
the U.S. federal securities laws. Forward-looking statements
include, but are not limited to, statements that refer to
projections, forecasts or other characterizations of future events
or circumstances, including any underlying assumptions. The words
“anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,”
“intends,” “may,” “might,” “plan,” “possible,” “potential,”
“predict,” “project,” “should,” “would” and similar expressions may
identify forward-looking statements, but the absence of these words
does not mean that a statement is not forward-looking.
Forward-looking statements may include, for example, statements
about the benefits of the events or transactions described in this
communication and the expected returns therefrom. These statements
are based on VivoPower’s management’s current expectations or
beliefs and are subject to risk, uncertainty and changes in
circumstances. Actual results may vary materially from those
expressed or implied by the statements herein due to changes in
economic, business, competitive and/or regulatory factors, and
other risks and uncertainties affecting the operation of
VivoPower’s business. These risks, uncertainties and contingencies
include changes in business conditions, fluctuations in customer
demand, changes in accounting interpretations, management of rapid
growth, intensity of competition from other providers of products
and services, changes in general economic conditions, geopolitical
events and regulatory changes and other factors set forth in
VivoPower’s filings with the United States Securities and Exchange
Commission. The information set forth herein should be read in
light of such risks. VivoPower is under no obligation to, and
expressly disclaims any obligation to, update or alter its
forward-looking statements whether as a result of new information,
future events, changes in assumptions or otherwise.
Contact
Julie-Anne Byrne
Investor Relations
shareholders@vivopower.com
VivoPower (NASDAQ:VVPR)
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