Sydney Renewable Power Company (SRPC) has funded Australia's largest CBD Solar Array, on the roofs of the International Convention Centre (ICC), Sydney.
The installation is 520kW - enough to power around 100 homes. All of the energy generated by the solar array is used by the ICC. ICC pays Sydney Renewable Power Company for all the power that is generated by the solar array based on a long term power purchase agreement.
Sydney Renewable Power Company raised $1.4m in 2017 from a wide range of investors to fund this solar array. These investors have united behind the idea of impact investing - investing in a project for a financial return, and also an environmental (in this case) or social return. These investors want to make a positive difference in the world with their money - thank you for your support and your vision.
The local community was given the opportunity to invest in this project. An offer of shares in SRPC was made under an Offer Information Statement dated 31 October 2016, a copy of which is available here. Shares in SRPC are unlisted, but still tradeable between individuals. Those interested in buying or selling their Shares will need to connect with each other directly, and may use the SRPC Facebook page as a place to post their interest.
A copy of SRPC’s Constitution is available here.
Timeline
- Company formation – 2013
- Contract for site – 2013
- Technical design – 2014
- Launch event – 2015
- Panels installed - June 2016
- Testing of installation - October 2016
- Shares offered to the public - November 2016
- First power generation - Dec 2016
- First invoice issued - Jan 2017
- Share offer closed - March 2017
Key Facts
- Solar photovoltaic (“solar PV”) 520kW capacity – enough to power over 100 houses
- All power generated will be consumed on site by the convention centre
- Revenues are mainly based on output of panels over 25 year contract
- A secondary revenue source is through marketing renewable energy offsets or certificates
More Information