Expanding its presence in the US, UK-based solar firm VivoPower has launched a joint venture with utility-scale developer Innovative Solar Systems on a 1.8GW portfolio of projects.
Under the agreement, North Carolina-based Innovative Solar will continue to bring projects within the portfolio to a developed stage, identifying potential sites and acquiring power purchase agreements and permits. VivoPower will then have the option to acquire, design, finance and build these projects.
VivoPower has previously worked with Innovative Solar on two projects in the state, totalling 90MW of generating capacity.
“We have been talking to them for many months about a broader relationship, and that has resulted in this joint venture,” Carl Weatherley-White, VivoPower’s chief financial officer, told Infrastructure Investor. Once the projects are built, Weatherley-White added, VivoPower will explore bringing in equity partners, either for the entire portfolio or on a project-by-project basis. New Energy Solar, a Sydney-based fund launched in 2015, has invested in the two previous projects built with a similar approach to the JV.
Richard Green, Innovative Solar’s co-founder, said the partnership with VivoPower “will allow us to accelerate the growth of our business by having a reliable partner to monetise our portfolio of solar projects following the completion of our predefined development milestones”.
Based in London, VivoPower also has offices in the US, Sydney, Singapore and Dublin.