Tempo Australia

Tempo Australia wins $15m Victorian solar project with Enel Group

Peter WilliamsThe West Australian

Wednesday, 12 September 2018 8:14AM

Tempo Australia will build a solar farm in Victoria.

 

Tempo Australia has won a $15 million contract to build a solar farm in Victoria.

The WA contracting company said client Enel Group had been awarded a power purchase agreement for the 34 megawatt Cohuna solar farm under the State’s renewable energy auction scheme.

Tempo and the renewables arm of Enel, a global energy company, were finalising contractual arrangements.

The 12-month construction project is expected to begin in the first half of next year.

“Tempo has established a strong working relationship with Enel and has continuously engaged in constructive manner throughout the process in the interim,” managing Director Ian Lynass said .

Chairman Carmelo Bontempo said: “As we continue to implement our strategy it is satisfying that relationships that have been developed by our new leadership team are delivering value to Tempo.”

Mr Lynass took the helm at Tempo in March.

Its shares closed up 1.5¢, or 9 per cent, to 18.5¢.

ASX ANNOUNCEMENT 12 SEPTEMBER 2018 Tempo Australia Limited (ASX: TPP): further to an announcement by Tempo in February 2018, Tempo confirms that the leading International Power Company (IPC) previously referenced has been successful in being awarded a Power Purchase Agreement for the Cohuna Solar Farm as part of the Victorian Renewable Energy Auction Scheme. Tempo confirms the IPC is Enel Green Power Australia (Enel) the global renewable energy business line of the Enel Group a listed multinational group which reports multi-billion dollar annual EBITDA’s. Tempo confirms that there are still conditions precedent outstanding regarding its current binding letters of intent with Enel and accordingly, the parties are currently continuing work towards finalising contractual arrangements and satisfying the outstanding conditions precedent. The value of the works for Tempo is estimated at $15 million over a 12 month construction period commencing in the first half of 2019. Tempo Chief Executive Officer and Managing Director Ian Lynass said “Tempo has established a strong working relationship with Enel and has continuously engaged in constructive manner throughout the process in the interim. We are very pleased to be working with a world leading energy organisation on this vital renewable energy project for the state of Victoria.” Tempo Chair, Carmelo (“Charlie”) Bontempo stated that “as we continue to implement our strategy it is satisfying that relationships that have been developed by our new leadership team are delivering value to Tempo.” “Profitability Through Leadership in Productivity” ENDS FOR FURTHER INFORMATION PLEASE CONTACT: IAN LYNASS SCOTT MACDONALD CEO CFO & COMPANY SECRETARY

 

 

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