Sydney Renewable Power Company (SRPC) in an Australian-first, has invited public investment into the country’s largest CBD community solar project.
Located on the roof of the new International Convention Centre (ICC) in Darling Harbour, Sydney Renewable Power Company’s 520kW solar installation is the size of 12 tennis courts and will generate enough electricity to power about 100 homes each year.
The public is being offered 519 shares at $2,750 each, which aims to raise almost $1.5 million to repay the loan that financed the project. The earnings for the 2018 financial year are expected to total $35, 000 in the 2018 financial year, which works out as a 3.9 per cent return on investment to investors. This amounts to about $105 per share after the first year and ownership of 1kW of solar energy produced.
According to Andy Cavanagh-Downs, the founding director of the project, the power purchase agreement also includes a three per cent price increase per kWh a year. He said that many people in the community want to see a faster transition towards renewable energy generation that is currently occurring.
“SRPC provides those individuals the opportunity to speed up this transition by allocating capital to the financing of such projects.”
The community solar project provides individuals such as apartment dwellers or renters who support the solar industry but who are unable to because of their living situations, the opportunity to invest in a community solar project.
Allegra Spender, Chair of the SRPC Board said, “SRPC is more than just an infrastructure investment, as alongside the expected financial returns, it is designed to deliver social and environmental benefits. The Board believes this is an exciting opportunity for Sydney-siders who want to own their own clean energy infrastructure.”
It ensures meaningful progress in the transition from a high-carbon to low-carbon economy is best achieved by catalyzing investment in renewable energy.
SPRC will sell all the electricity generated to Darling Harbour Live (DHL), the ICC’s manager, under a 25-year agreement which includes annual price escalation and expected to contribute up to five per cent of the building’s power needs.
The installation in on-track to start delivering power to ICC Sydney in mid-December.