Arowana International Ltd. and its affiliate VivoPower USA LLC received approval from the Federal Energy Regulatory Commission to sell minority stakes in the 34.2-MW Innovative Solar 31 and the 33.8-MW Innovative Solar 47 projects.
Under the deal, VivoPower will sell all of its managing membership in the North Carolina solar facilities to a New Solar Energy subsidiary for $11.4 million.
Both solar farms sell their output to Duke Energy Corp. subsidiary Duke Energy Progress LLC under power purchase agreements.
VivoPower said it will record a noncash charge of about $10.2 million and use the deal proceeds for development activities, to pay down debt or to repurchase stock.
Arowana, an Australian asset management firm, owns 60.3% of VivoPower. New Energy Solar is a sustainable investment fund headquartered in Australia consisting of registered managed investment scheme New Energy Solar Fund and New Energy Solar Ltd. (FERC docket EC18-95)