During the 2020 financial year, ReNu Energy divested its portfolio of renewable energy assets, allowing the Company to repay all debt, recapitalise the business and restructure its cost base. In April 2021 ReNu Energy completed the abandonment of the two remaining geothermal wells (Habanero 3 and 4) located in the Cooper Basin of South Australia.
Following these activities and the Company’s well supported $1.46m capital raising announced on 2 June 2021, ReNu Energy is well positioned to execute investment opportunities in the clean energy sector.
Sale of Solar Assets & Energy Retailing Business
In September 2019 ReNu Energy completed the sale of its solar operations to CleanPeak Energy Pty Ltd. The transaction involved the sale of the ReNu Energy subsidiaries holding the Embedded Networked Operations, Amaroo Solar PV Facility and the energy retail authorisation.
Sale of Bioenergy Assets
In August 2020 ReNu Energy completed the sale of its 30% interest in the Goulburn and Beaudesert Bioenergy Projects to its Alliance Partner, Resonance Water Finance UK Limited.