VivoPower International PLC Announces Substantial Completion and Partial Sale of 47 MW Solar Project in North Carolina

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VivoPower International PLC (Nasdaq:VVPR) (“VivoPower” or the “Company”), a global next generation solar power company, today announced the substantial completion and partial sale of its 47 MW dc solar project (“Project”) in Maxton, North Carolina.

VivoPower’s indirect, wholly-owned subsidiary, US-NC-47 Sponsor Partner, LLC has transferred a majority interest in the Project to a subsidiary of New Energy Solar, a sustainable investment business (“NES”). Following the partial sale, an affiliate of the Company has retained a minority interest and will provide management services to the Project under a management services agreement.

In addition, U.S. Bancorp Community Development Corporation, a division of U.S. Bank, (“USBCDC”), (VivoPower and NES’ partner in the lower tier subsidiary, IS-47 Holdings, LLC), has completed the partial transfer of Membership Interests to an affiliate of Starbucks Corporation. As part of their renewable energy strategy, Starbucks Corporation has also agreed to purchase Solar Renewable Energy Certificates (“SRECs”) from the Project under the terms of an agreement with VivoRex, LLC, a wholly-owned subsidiary of VivoPower.

The Project has resulted in approximately $22 million of economic impact in Robeson County over the course of 2016 and the first half of 2017.

Dr. Philip Comberg, Chief Executive Officer of VivoPower, commented, “We are pleased to have completed the construction and transfer of the project to NES, bringing sustainable energy to thousands of households and contributing to further economic development in Maxton. The completion of this project further establishes a successful track record for the Company’s build, transfer and operate model. Additionally, the Company is excited to bring Starbucks into the Project, and looks forward to future opportunities to work together in furthering Starbucks’ impressive sustainability initiatives”.

“This project demonstrates how corporations can collaborate with renewable energy providers and investors like USBCDC to improve the environment by bringing more green energy options online,” said Chris Roetheli, vice president of USBCDC renewable energy syndications.

Tom Kline, Chief Executive Officer of NES commented, “NES is delighted its second North Carolina Project is now operational and selling power under a long term power purchase agreement with Duke Energy Progress, Inc. We are very pleased with our partnership with VivoPower and the Project they have delivered, and look forward to continuing to work together. We are also very pleased to have worked with U.S. Bancorp and Starbucks in the financing of the Project.”