VivoPower International PLC Announces US Solar Portfolio Sale Update and Major Contract Wins in Australian Solar and Data Cen...
24 Junho 2019 - 10:00AM
VivoPower International PLC (Nasdaq: VVPR) (“VivoPower” or the
“Company”), an international solar and power services company, is
pleased to provide an update on the status of its US solar
portfolio sale. Since the last update, the sale process has
progressed further with new international parties now engaged. In
addition, the Company has secured a power purchase agreement
(“PPA”) for one of its projects and has started to engage with
large corporates with a view to securing additional PPAs directly.
This strategy could drive a significant increase in the average
value per watt of the whole portfolio.
The Company would also like to announce that its
Australian power services businesses, Kenshaw Electrical Pty
Limited (“Kenshaw”) and J.A. Martin Electrical Pty Limited (“J.A.
Martin”), have won additional contracts relating to solar farms and
data centers worth US$22.6 million. With these new contracts,
VivoPower’s forward order book for power services has now increased
to US$51.5 million on the back of this and previous contract wins
in the data center, solar, agriculture, transport, mining, and
utility sectors. This represents an increase of 53% in the last
seven months and is another new all-time record high forward order
book. It is expected that these contracts will be fulfilled within
the next 12 months.
Kenshaw has been awarded additional contracts
worth US$18.9 million for the supply and installation of power
generators to one of Australia’s leading data center groups. J.A.
Martin has been awarded a US$3.7 million contract as part of the
construction of a new solar project in New South Wales, Australia.
This is the second significant contract win in less than a year for
J.A. Martin in solar project construction, a key strategic focus to
accelerate growth.
“In relation to our US solar portfolio sale, it
has become clear that if we are able to secure corporate PPAs for
projects, this could potentially drive a significant increase in
value per watt. We are also pleased with the continued momentum for
our power services business in Australia. Our Kenshaw and J.A.
Martin teams have demonstrated an unwavering commitment to building
long-term relationships with customers through excellence in
engineering, design, manufacturing, construction and service,
delivering projects as promised, establishing themselves as trusted
partners to a diverse range of commercial, industrial, and public
sector customers,” said Art Russell, Interim Chief Executive
Officer of VivoPower.
Adam Malcolm, General Manager of Kenshaw, said,
“We are pleased to have been awarded this additional work by a
long-time data center customer and very much respect the trust our
customers place in us to deliver our commitments on time and
budget. These contracts are a testament to the reputation we have
built in the data center sector and more broadly across our
customer base to deliver value for money.”
Phil Lowbridge, General Manager of J.A. Martin,
said, “We are very pleased to secure our second major contract for
construction of solar projects in under a year. With over US$138
billion forecast to be invested in renewable energy in Australia
over the next 30 years, we see solar as strategically important for
our future growth. In addition, with the opportunities and support
provided by VivoPower’s solar development team in Australia,
combined with our own capability, experience, and reputation
developed over the last 50 years in business, we are excited by the
potential for our business.”
About VivoPower
VivoPower is an international solar and power
services business, providing critical energy infrastructure
generation and distribution solutions to a diverse range of
commercial and industrial customers, including the development,
construction, and sale of photovoltaic solar projects.
About Kenshaw and J.A.
Martin
Kenshaw and J.A. Martin provide critical energy
infrastructure generation and distribution solutions including the
design, supply, installation and maintenance of power and control
systems.
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
Investor Relations
shareholders@vivopower.com
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