Greetings to all Repower Shoalhaven members, investors and supporters.
It is a turbulent and distressing time with the far-reaching impacts of Covid-19 but the team at Repower wanted to update everyone on what is happening with our current and future projects.
All but one of our 23 community investment solar projects are continuing to generate clean and affordable energy. Repower Shoalhaven continues to closely monitor the performance of all of these solar systems, making performance adjustments and equipment repairs as required. This helps maximise solar production at each site to the benefit of our investors and host businesses.
Unfortunately, the solar system at South Pacific Roof Trusses (SPRT) in Moruya was badly damaged by the recent bushfires and the business owners are working with their insurer to determine whether the system will be compensated or replaced. Under the Agreement between SPRT and Repower Three P/L, the company will either pay community investors back for the value of the damaged system or a new extended power purchase agreement will be developed.
A number of the host businesses in our community funded solar projects have been hit hard financially by the Covid-19 shutdowns to retail trade. Repower Shoalhaven has moved to assist these businesses by offering to defer solar electricity charges for a period of up to six months. This proposal has been overwhelmingly endorsed by investors in the seven Repower investment companies. We are grateful for this show of support and understanding.
Repower Shoalhaven is not currently pursuing any small/medium sized solar projects. Instead we are focusing our efforts on maintaining our current 23 projects and in the successful development of the first solar farm in the Shoalhaven.
Shoalhaven Solar Farm Developments
There has been substantial progress in the development of a 4MWdc (3MWac) solar farm. The partnership between Repower Shoalhaven and Flow Energy is being guided by a Joint Development Agreement signed earlier in the year.
Key developments include:
• A long-term lease agreement is being finalised between Flow Energy and Shoalhaven City Council (SCC) to utilise degraded land in South Nowra for the solar farm. • A comprehensive Development Application for the solar farm has been lodged and is currently being evaluated by SCC and other stakeholders. • Flow Power is progressing through the necessary steps to gain approval from Endeavour Energy to connect to the local electricity grid (high voltage network). • Detailed site geotechnical and engineering studies are being undertaken to help determine the best structure for the large solar arrays. • Detailed financial modelling has been undertaken for the project with final viability assessments being undertaken in the coming months. (Note: the Covid-19 impacts on global financial markets and the Australian dollar may impact the timing of the project). • The Repower Shoalhaven solar farm sub-committee has recommended a community investment structure (Special Purpose Vehicle) similar to those used for the seven existing RS investment companies. Legal advice will be sought on how to structure the solar farm SPV and investment offerings.
Exciting! Still a lot of work to do. But please watch this space for further updates.
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