September 12 (Solar) – Maintenance and construction services provider Tempo Australia Ltd (ASX:TPP) today confirmed that the binding letter of intent (LoI) for the construction of a solar farm in Australia that it announced in February is with Enel Green Power Australia.
The confirmation follows news that the renewables unit of Italian energy major Enel SpA (BIT:ENEL) has won a support agreement for a 27.3-MW solar project, direct current (DC) capacity of 34.2 MW, in Victoria's renewable energy auction.
The LoI calls for Tempo to carry out the engineering and construction work for the solar farm, including mechanical, electrical and civil works, HV substation and procurement of electrical cables. The company estimates that the contract is worth AUD 15 million (USD 10.7m/EUR 9.2m), with construction to take 12 months, starting in the first half of 2019.
Tempo said that there are still conditions precedent outstanding regarding its current binding letters of intent with Enel and that the parties are working towards completing contractual arrangements and fulfilling the outstanding conditions precedent.
In February, Tempo announced two binding letters of intent totalling AUD 23 million with the then unnamed "leading international power company", the other being for the supply and installation of a high-voltage substation for a 100-MW solar farm.
(AUD 1 = USD 0.712/EUR 0.614)