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VivoPower International PLC Announces Contract to Build 3.6 MW Solar Project in Australia


LONDON, Aug. 06, 2018 (GLOBE NEWSWIRE) -- VivoPower International PLC (Nasdaq: VVPR) (“VivoPower”), a global solar power company, is pleased to announce that its wholly-owned subsidiary in Australia, Aevitas Group Limited (“Aevitas”) has been awarded a significant contract for the engineering design, procurement and construction of the 3.6 MW Cubbie Solar Project near Dirranbandi in Queensland, Australia. The project will be owned by a wholly-owned subsidiary of Cubbie Ag (“Cubbie”), the largest cotton producer in Australia, and will produce electricity to help power Cubbie Station, the largest irrigation property in the southern hemisphere. 

The project will generate enough electricity to supply 40% of Cubbie’s energy needs at Cubbie Station during the peak cotton ginning season, running from April to September. The project is the first phase of a longer term plan to expand to 7.2 MW, and will also include battery storage. Construction is scheduled to begin in October 2018, with expected commercial operation by December 2018.

“We are very pleased to have achieved this significant milestone in our strategy to offer holistic solar and battery storage solutions to commercial, industrial and government customers in Australia. This important contract is further confirmation of the strong growth outlook for Aevitas from solar and other tailwind drivers in Australia,” said Carl Weatherley-White, Chief Executive Officer of VivoPower. Phil Lowbridge, General Manager of J.A. Martin Electrical Pty Limited (J.A. Martin), a division of Aevitas that will deliver the Cubbie Solar Solar Project said, “Technical advances continue to drive the competitiveness of solar power generation and battery storage, and we have seen increased interest from our customers for similar solutions.”

About VivoPower

VivoPower is an international solar power producer and storage company that is developing, building and operating projects on a global basis in a capital efficient manner. VivoPower does this by aggregating photovoltaic (PV) solar projects underpinned by long-term power purchase agreements, arranging corporate and project financing, engineering, design and equipment procurement and managing the construction and development of such solar PV projects.

About Aevitas

Aevitas is, a wholly-owned subsidiary of VivoPower in Australia. Aevitas provides critical energy infrastructure generation and distribution solutions including the design, supply, installation and maintenance of power and control systems, with an increasing focus on solar, renewable energy, and energy efficiency. Founded in 1968, J.A. Martin is a division of Aevitas that specializes in delivering  industrialelectrical engineering and power services, including solar engineering design, procurement and construction (EPC).

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.


/EIN News/ --

Contact
                    
                    Julie-Anne Byrne
                    Investor Relations
                    shareholders@vivopower.com

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