Equis and Global Infrastructure Partners announce closing of US$5.0 billion renewable energy generation acquisition of Equis Energy

19 January

Equis Pte. Ltd (Equis) and Global Infrastructure Partners (GIP) announced today the closing of the previously announced sale by Equis of 100% of the equity interest in Equis Energy to GIP and its co-investors, for an enterprise value of USD5.0 billion (including assumed liabilities of USD1.3bn). The net transaction consideration has been settled in cash.

 

Headquartered in Singapore, Equis Energy is the largest renewable energy independent power producer (IPP) in the Asia-Pacific region (APAC), with more than 180 assets comprising 11,135MW in operation, construction and development across APAC including Australia, Japan, India, Indonesia, the Philippines and Thailand.

 

The transaction is the largest renewable energy generation acquisition in history and positions GIP as a dominant renewable energy developer in the key OECD growth markets of Australia and Japan, as well as across India and South-East Asia.

 

Source: Equis

 

NEW PROJECT

Name: Clarke Creek Solar Farm

Developer: Lacour Energy

Location: Clarke Creek, 150km south-west of Mackay and 30 km west of Ogmore in Queensland

LGA: Isaac Regional Council and Livingstone Shire Council

Capacity: Up to 400 MW

Description: The Project consists of four areas containing solar arrays, including a 200MW array in the north and a 200MW array in the south, and ancillary infrastructure, plus three areas within which the substation, energy storage and ancillary infrastructure may be located. Co-located with te proposed Clarke Creek Wind Farm with a capacity of up to 877.5 MW.

Contact: James Townsend

Director

Tel: (08) 9321 6632

Email: james@lacour.com.au

 

Development Approval for another large solar farm in the Fraser Coast

20 January

The Fraser Coast and Wide Bay region will soon have another very large solar farm with the Munna Creek Solar Farm project getting Development Approval from the Fraser Coast Council. The developer of this solar farm, REST Energy, is already registered in the National Electricity Market as an intending participant. CEO Mr Frank Wang said that the electricity connection work was also progressing well and on track for this $200 million project. Negotiations with potential construction contractors have commenced.

 

The 120 mega-watt solar farm will have over 500,000 solar panels and cover an area of about 250ha. It will generate about 250,000 mega-watt-hours of clean, renewable electricity each year and reduce greenhouse gas emissions by over 200,000 tonnes of CO2 equivalent per year. It will produce enough electricity to meet the needs of about 30,000 Queensland homes and be roughly equivalent to removing over 50,000 cars from the road.

 

The project will give a jobs boost to the Fraser Coast area, providing about 300 jobs during construction and about 10 full time jobs during operation.

For further information see: www.restweb.net

 

Source: REST

 

Reliable, affordable electricity for all: Adani Renewables here to stay

22 January

Adani Group has been named as one of the top 15 global and top 3 Asia Pacific developers of solar power, in part due to their Australian solar projects through Adani Renewables.

 

The list of global powerbrokers was released this month by Greentech Media, a branch of research and consultancy group Wood Mackenzie.

 

In 2018, Adani Renewables will begin construction on over 200 MW of solar projects to supply electricity to the Australian grid.

 

Adani Renewables CEO Jennifer Purdie says this year is looking promising as the company moves forward with significant projects based in Whyalla, South Australia, and Rugby Run near Moranbah, Queensland.

“Adani Renewables’ vision is reliable, affordable electricity for all, including industry, as the energy mix changes to generate lower emissions. We aim to develop, own and operate renewable energy assets, and we are proud to be developing a pipeline of projects here in Australia, with a goal to see 1500MW of renewable energy added to the Australian grid by 2022.”

 

With its first Power Purchase Agreement now in place, Adani Renewables is off to a strong start. Dr Purdie says the Renewables business suits Adani’s global position as a provider of resources, logistics and energy, and particularly complements Australian markets.

 

“Adani believes that Renewables make up a vital part of a balanced energy mix, and while they are not the full solution, they are certainly a part of the solution.”

 

“With the cost of energy to industry currently rising, Adani Renewables believes the Australian energy industry and policy makers must reverse this trend so that Australia once again has a competitive advantage through a globally competitive energy price. This is certainly something we should be able to do in time, through an appropriate energy mix, given the quality and diversity of Australia’s energy resources.”

 

The knowledge of how to develop and operate a successful solar project is certainly not new to the Adani Group, which owns and operates the largest single-site solar plant in the world in Southern India. Adani also has an entire factory in India dedicated to producing 1.2 GW of solar panels every year to supply India’s growing renewables market.

 

Source: Adani Group

 

Commencement of construction at Granville Harbour

22 January

A re-elected Liberal Government has a target to make Tasmania energy self-sufficient with an additional 1000 gigawatts hours of on-island renewable generation by the end of 2022.

 

The development of the West Coast’s Granville Harbour Wind Farm will be important to achieving this.

 

Today marks the start of construction of the $280 million Granville Harbour Wind Farm.

 

Once completed, the wind farm will have 31 turbines providing 112 megawatts of capacity, enough to power more than 46,000 homes.

 

The project is expected to create around 200 jobs during construction and about 10 on-going jobs, which is a massive jobs boost for the West Coast.

 

Construction comes after Hydro Tasmania announced last year that it reached an in-principle agreement with Westcoast Wind Pty Ltd in relation to a power purchase agreement.

 

In addition to Granville Harbour, construction on Cattle Hill Wind Farm in the Central Highlands is progressing, and Hydro Tasmania is continuing with their $1 billion 10 year upgrade to facilities to increase generation by 250 GWh, which is enough additional generation to power over 30,000 Tasmanian homes.

 

Source: Tasmania Government

 

PowerAsia closes IPO for ASX listing

Sydney-based PowerAsia’s prospectus seeking to raise $9mil through the issue of 45mil shares at $0.20 each, closed on 19 January. The company plans to be admitted to the ASX to start trading shares on 29 January.

 

PowerAsia’s foundation projects include the Paget Solar Project in Mackay in Queensland, for which it has signed an option deed to acquire from Bosso Holdings and Maggiolo Holdings. The project was identified by the State-owned Energy Queensland, given the level of industrial growth in the Mackay area, and the near capacity load on the Energy Queensland South Mackay sub-station. The site was identified as a potential supplement to the daytime peak load capacity.

 

A technical feasibility report confirmed the site as both technically and commercially viable. A development application was approved by the Mackay Regional Council (MRC). Energy Queensland identified three 6.2MW AC connection points, and as the proposed site will support 20MWp (DC), the output can be comfortably accommodated via the 18.6MW of AC connection.

 

Civil construction preparatory work has already commenced and subsequent to receipt of the Energy Queensland connection offer, construction of the generation application is expected to commence in January 2018.

 

PowerAsia has also entered into a Development Agreement with Dip Sabha Hydropower Pvt Ltd (DSH) for the development and construction of the 10 MW, A$26.5mil Sabha Khola A Hydroelectric Project in Nepal.

 

The PowerAsia board is comprised of Chairman James Scott-Mitchell and directors Phil Pryor and Alan Gao.

 

Contact phone: (02) 8007 5505

Web: https://www.powerasia.energy/

 

SolarReserve accelerates growth in South Australia with opening of Australian headquarters and field office

22 January

SolarReserve, a leading worldwide developer of large-scale solar power projects and advanced solar thermal technology, has opened two new offices in South Australia – its Australian headquarters in Adelaide located at Level 5, 26 Flinders Street, and a field office in Port Augusta located at 45 Commercial Road. With Australia identified as a priority market for the global organisation, SolarReserve’s Adelaide team will focus on delivering the Aurora Solar Energy Project as well as spearhead SolarReserve’s future projects in South Australia and the broader region.

 

 “South Australia is leading the world in renewable energy technologies, and SolarReserve’s solar thermal power plant is one of the world’s most exciting projects,” said South Australia’s Premier Jay Weatherill. “Port Augusta is a symbol of South Australia’s transition from old to new.”

 

“We are targeting a large percentage of the sourcing and services value for the Aurora project to come from South Australia in the construction phase, which will support an exciting new industry,” said Tom Georgis, SolarReserve’s SVP of Development. “The Aurora project is part of a much bigger picture for South Australia. SolarReserve hopes to build six solar thermal projects in the State over the next ten years, with our Australian headquarters in Adelaide serving as the development hub.”

 

The field office in Port Augusta will serve as a conduit for local workers and businesses to participate in the Aurora project and for SolarReserve to maximise local opportunities. The Aurora team encourages the local community to visit the new office to learn more about the project and discuss opportunities.

 

Investing in South Australia’s Clean Energy Future

South Australia, the leading state for renewable energy in Australia, is positioned to become the leading state for solar energy and dispatchable renewable energy in Australia. SolarReserve is committed to supporting South Australia’s goals which will attract investment and build an exciting and growing new industry. The Aurora project along with SolarReserve’s future investment in the state will develop a supply chain that can be leveraged across the broader region, create thousands of jobs for South Australians, and bring about a new age in clean, reliable and affordable energy that’s fully dispatchable, day and night.

 

Source: Solar Reserve

 

Renewables powers jobs, investment in Western Downs

23 January

Large-scale projects are generating new energy, new jobs and new investment in regional Queensland, with the Western Downs Regional Council hosting 10 proposed projects.

 

The 10 solar farms and Cooper’s Gap wind farm combined would support 3120 construction jobs, $5.5 billion in investment and 2.41 gigawatts of installed electricity generation.

 

Premier Annastacia Palaszczuk said the State Government was determined to achieve a 50% share of electricity generation from renewable sources by 2030, and the pipeline of projects – under construction, planned and proposed – valued at more than $20 billion with the promise of 15,000 construction jobs.

 

“The impact on the Western Downs is very significant," the Premier said.

 

"The region’s unemployment rate is 4.8% - 1% below the state average.

 

"There is new investment and renewed optimism on the Western Downs.”

 

Western Downs Regional Council Mayor Paul McVeigh said the visit was a chance to show the region was leading the way in jobs creation through its innovative pioneering of renewable energy.

 

"We are immensely proud of what the Western Downs is contributing to the Queensland and Australian economies, and having the Premier out here in the Energy Capital of Queensland is an opportunity for her to see this first hand," he said.

 

"This region is not only placed to support the billions of dollars' worth of development being attracted, we also have the skilled workforce to fill the thousands of real regional jobs being generated."

 

Minister for Natural Resources, Mines and Energy Dr Anthony Lynham said renewables were a key plant of Government’s Powering Queensland’s Future Plan, and during last year’s State election it committed to $151.6 million in new investment for renewable energy generation including:

 

  • $97 million for solar schools
  • $50 million down payment for a new solar thermal power plant
  • $1 million study for renewable solutions for the Daintree
  • $3.6 million to help decarbonise remote communities

 

The Government also committed to establish a new publically owned CleanCo with a mandate to deliver 1000MW of renewable energy with a focus on flexible dispatchable generation.

 

Source: Queensland Government

 

 

Record year of investment means Australia’s 2020 Renewable Energy Target will be met

23 January

The Clean Energy Regulator has today released new information to the market that shows Australia will meet the 2020 Renewable Energy Target.

 

The Regulator has previously said that to meet the 2020 target of 33 000 gigawatt hours of additional renewable energy, approximately 6000 megawatts of large-scale generation capacity would need to be announced and built between 2016 and 2019.

 

Following a record level of investment in renewable energy in 2017, Clean Energy Regulator Chair David Parker today said we’ve reached a major milestone ahead of schedule.

 

“While announcements started slowly in 2016, the momentum we saw in the later part of that year continued throughout 2017 and has now reached a level that we believe will be sufficient to meet the 2020 target,” Mr Parker said.

 

Of the 6532 megawatts of new large-scale generation firmly announced since 2016, more than 4900 megawatts is fully financed, with most already under construction or operating, while the rest is expected to begin construction early this year. A further 1600 megawatts of projects have a power purchase agreement in place which we expect will progress to financial close. Queensland will see the bulk of this new construction, followed by Victoria and New South Wales.

 

“In 2017, more than 1000 megawatts of renewable projects were completed and began generation, the biggest year ever for new build coming online,” Mr Parker said.

 

“We expect 2018 and 2019 to be even bigger, with each year having more than double the new build completed compared to 2017.”

 

Of the firmly announced projects since 2016, solar makes up 46 per cent of the total new capacity.

 

“Solar is an important emerging player in the energy mix, particularly on long summer days. Over the next few years as more of these projects become operational they will make an increasing contribution to meeting peak electricity demand,” Mr Parker said.

 

“There is still a long way to go on the journey to reach the 2020 target, but we believe it will be met due to the hard work and tenacity of the electricity sector, the renewables industry and those that have financed these projects."

 

Source: CER

 

RET: Australia can capitalise on renewables boom

23 January

With Australia on track to achieve its 2020 Renewable Energy Target (RET), the Climate Council is urging the Federal Government to keep up the momentum on clean energy.

 

The Clean Energy Regulator today confirmed Australia is on track to meet its 2020 Renewable Energy Target of 33,000 GWh (about 23.5% of electricity generation), thanks to a record year for clean energy investment in 2017.

 

Climate Council CEO Amanda McKenzie called on the Federal Government to put in place stronger targets in a bid to drive further investment and slash Australia’s rising greenhouse gas pollution levels and tackle climate change.

 

“Achieving our 2020 target ahead of schedule shows the value of setting and implementing renewable energy policy. However this growing industry now faces an investment cliff with no Federal policy in place for the decade ahead, the Federal Government has an opportunity to really capitalise on this boom.”

“Research shows that a renewable energy target of 50% could create 28,000 additional jobs nationally in 2030.

 

“Australia is one of the sunniest and windiest countries in the world, so it’s no surprise that renewable energy is going gangbusters, with 2017 alone seeing more than $11 billion dollars in investment, making Australia seventh for clean energy investment in the world. Without Federal policy we could lose that momentum.”

 

“Fortunately, states and territories, such as South Australia and Queensland are leading the charge when it comes to the rollout of large-scale wind and solar. While local governments are also rolling up their sleeves in their own backyards.”

 

“Renewable energy and storage technologies are clean, affordable and reliable, compared to ageing, expensive and inefficient fossil fuels. It’s no surprise that Australians are taking up renewables such as rooftop solar in droves, taking control of their household power bills.”

 

Climate Council Climate and Energy Analyst, Petra Stock said Australia’s clean energy potential needed to be supported through credible federal climate and energy policy.

 

“Australia has a bright renewable-powered future ahead. But we need effective policy in place to get us there,” she said.

 

“Unfortunately the Federal Government is dragging its heels, with the proposed National Energy Guarantee (NEG) unlikely to drive new investment.

 

A renewable energy target was first introduced 20 years ago by the Howard government, expanded by states, and then the Rudd government. The RET has been critical to driving investment and growth in renewable energy nationwide.

 

Source: Climate Council

 

Work starts on power link for Darling Downs Solar Farm

23 January

Construction is underway on the transmission line that will connect APA Group’s $220 million Darling Downs Solar Farm to the state’s electricity network later this year.

 

Energy Minister Dr Anthony Lynham said Powerlink had started construction for APA on a new 350 metre transmission line linking the 110MW solar farm to the existing Braemar to Darling Downs transmission line.

 

The farm, about 45km west of Dalby, will be one of Australia’s largest when it starts operating late this year. It will have around 400,000 solar panels installed over 250 hectares, generating enough renewable energy to power up to 32,000 homes.

 

“This important project is part of the renewable energy boom we’re currently seeing across the State, including in south west Queensland,” Dr Lynham said.

 

“APA’s project is part of our $3.6 billion pipeline of committed renewable energy projects, which together will create almost 3000 jobs in regional Queensland.

 

“We are right on track to deliver on our 50 per cent renewable energy target by 2030, with the right mix of coal, gas and renewable generation to maintain reliability and put downward pressure on electricity prices.”

 

The Darling Downs solar farm is expected to create 200 construction jobs, with an additional seven jobs supported as part of Powerlink’s grid connection works.

 

Powerlink Chief Executive Merryn York said Powerlink’s grid connection work involved constructing 350 metres of new transmission line on three new transmission poles.

 

“This essential work will enable the renewable energy generated at the solar farm to be delivered safely and efficiently to the National Electricity Market,” she said.

“We are working closely with APA to complete our construction works in March, with a view to energising the new transmission line in the second quarter of 2018.”

 

APA Managing Director and CEO Mick McCormack said APA continued to grow its investment in owning and operating significant energy infrastructure as part of its growth strategy.

 

“The Darling Downs Solar Farm is part of APA’s growing renewable infrastructure portfolio. As Australia’s leading energy infrastructure business, we see investing in renewable energy as key to supporting Australia’s transition to a lower carbon economy,” Mr McCormack said.

 

Source: Queensland Government

 

98MW Susan River Solar Farm and 75MW Childers Solar Farm achieve financial close

23 January

ESCO Pacific and Elliott Advisers (UK) Ltd. (“Elliott”) are pleased to announce the successful financial close of the 98MW Susan River Solar Farm and 75MW Childers Solar Farm, both located in South East Queensland. Affiliates of Elliott will own 100% of the projects, and are prepared to fund the projects through to connection entirely with equity.

 

Construction will now commence and is expected to take 9 months. The solar farms are located in Bundaberg Regional Council (Childers) and Fraser Coast Regional Council (Susan River). Construction and O&M will be undertaken by Biosar Energy (through its Australian arm), which has completed over 1.3 GW of installed capacity in 13 countries.

 

ESCO Pacific Managing Director and founder Steve Rademaker said: “Achieving financial close on the sale of the 98MW Susan River Solar Farm and 75MW Childers Solar Farm further demonstrates ESCO Pacific’s ability to take the lead in delivering significant projects to market. It is clear that Australian merchant solar remains an attractive opportunity for experienced investors. ESCO looks forward to continue bringing jobs and growth to regional Australia through its extensive pipeline of highly advanced projects currently under development”

 

Key advisers

Advisers on the project included:

  • Lennox Partners as financial adviser to ESCO Pacific
  • White & Case as ESCO Pacific’s legal advisers
  • McCullough Robertson as Elliott’s legal advisers
  • Grant Samuel as financial adviser to Elliott

 

Source: ESCO Pacific

 

Record $12b investment will see RET met in 2020

23 January

The Clean Energy Regulator (CER) has today announced that there will be enough renewable energy projects built over the next three years to meet the Renewable Energy Target in 2020.

 

The CER has previously said that to meet the Renewable Energy Target approximately 6000 megawatts of capacity would need to be announced and built between 2016 and 2019. This milestone has been surpassed ahead of schedule following a record level of investment in renewable energy in 2017.

 

Already, 4924 megawatts of the 6532 megawatts of capacity that has been firmly announced is under construction or already operating, with the balance expected to be fully financed and under construction early this year. More than 1600 megawatts of projects have a power purchase agreement in place which we expect will progress to financial close.

The construction of this level of firmly announced renewable projects will lead to an investment of more than $12 billion which will support growth in the Australian economy.

 

Queensland has the largest share of this new build with more than 2000 MW of capacity, followed by Victoria with around 1600 MW and New South Wales with 1400 MW.

 

One of the major shifts in the market, is the huge increase in share of large-scale solar. In the first 6000 megawatts committed under the scheme, solar contributed only four per cent of the total. In the firmly announced projects since 2016, solar now makes up 46%.

 

This will ensure significant additional electricity supply is available in the market well ahead of 2020. Importantly, as outlined in the Australian Energy Market Commission’s 2017 Residential Electricity Price Trends Report released in December, this extra supply is expected to apply downward pressure on wholesale electricity prices over the next three years.

 

This year should see around 2600 megawatts of new renewables projects commence operating which will further strengthen reliability and reduce emissions in addition to reducing electricity prices.

 

This additional supply is expected to lead to a reduction in large-scale generation certificate spot prices. These certificates are purchased by liable entities, mostly electricity retailers, to meet their renewable energy target obligations.

 

I want to acknowledge the support of the Clean Energy Finance Corporation and the Australian Renewable Energy Agency to get a number of projects off the ground. Importantly, ARENA helped with the early learning that drove down the deployment costs of solar allowing it to be more cost competitive with wind.

 

Source: Federal Government

 

Kiata Wind Farm to strengthen Victoria’s energy network

24 January

A new wind farm in Western Victoria will power more than 20,000 households as part of a jobs boom in Western Victoria with six projects underway or proposed in the area.

 

These include Stockyard Hill, Lal Lal, Moorabool, Dundonnell, Murra Warra and the Bulgana Green Power Hub – Stawell Nectar Farms.

 

Minister for Energy, Environment and Climate Change Lily D’Ambrosio today officially opened the $77 million project which supported 100 construction jobs and three ongoing jobs in the region.

 

Kiata’s nine towers were made by Australia’s largest wind tower manufacturer Keppel Prince. It is one of four large-scale, renewable energy generators for Victoria — the others being the 132MW Mount Gellibrand wind farms and the 100MW Bannerton Solar Park and 38MW Numurkah Solar Farm.

 

The Renewable Certificate Purchasing Initiative supports the Labor Government’s renewable energy and climate change targets by bringing around 300MW of new renewable energy generation into the grid – driving down prices and helping secure our energy supply.

 

Wilson Transformer Company – the largest Australian-owned and based manufacturer – supplied the transformers for the farm, supporting local manufacturing jobs at its two manufacturing facilities in Glen Waverley and Wodonga.

 

Victoria’s Renewable Energy Target will see an estimated $9 billion of investment and around 11,000 jobs created over the life of the scheme. These projects are the next step in helping our Government achieve its renewable energy targets of 25% renewable energy production by 2020 and 40% by 2025.

 

Source: Victoria Government

 

$1.6 million Garden Island Microgrid Project milestone payment

24 January

Carnegie Clean Energy Limited (ASX: CCE) is pleased to advise that it has received a $1.63 million grant milestone progress payment from the Australian Renewable Energy Agency (ARENA) for the Garden Island Microgrid Project. The Project involves the construction and installation of a 2MW solar PV array, a 2MW/0.5MWh battery energy storage system and a control system.

 

Carnegie has now received $2.3 million of a total $2.5 million funding package from ARENA to support the Garden Island Microgrid Project. ARENA’s funding package for the Project is comprised of $700,000 grant funding and $1.8 million of convertible note funding.

 

Carnegie will now issue $1.6 million in convertible notes to ARENA. The ARENA convertible notes will prima facie be unsecured debt with 0% interest over a 6 year term and can be converted by ARENA to ordinary shares in Carnegie at a conversion price of $0.053 per share. The final $200,000 in convertible notes will be issued to ARENA upon commissioning.

 

Construction of the frames and solar panels is now complete as is the installation of the battery energy storage system, inverters and transformers. Work now moves to completion of cabling, testing and commissioning.

 

Source: Carnegie Clean Energy

 

Kiata Wind Farm officially opened by Victorian Minister for Energy

24 January

Windlab Limited (ASX: WND) today announced that the 31MW Kiata Wind Farm in western Victoria was officially opened by the Honorable Lily D’Ambrosio, Victorian Minister for Energy, Environment and Climate Change. The opening ceremony was attended by project staff, landowners, and many of the project’s local community shareholders, who received equity under Windlab’s pioneering community shareholding model.

 

The project recently achieved full commercial operations, following a successful phase of commissioning and performance testing during November and December 2017. Even though under commission conditions during this period Kiata was among the best performing wind farms, measured by capacity factor, operating across the National Electricity Market.

 

Kiata is located near Nhill and comprises 9 Vestas V126, 3.45MW wind turbines at a hub height of 117M. It is the first project supported by the Victorian Government’s LGC procurement scheme to be completed. Under this arrangement the wind farm sells most of the LGCs generated from the project to the Victorian Government under a fixed price 5-year contract, with a 5-year option. Kiata was connected to the electricity network in early November and has sold all electricity into spot merchant market since that time, achieving prices well in excess of the projects original feasibility model forecasts. All electricity generated is expected be sold on the same basis.

 

Windlab owns 25% of Kiata and will receive its share of project distributions beginning in the first half of 2018. Windlab also holds an asset management agreement with Kiata Wind Farm Pty Ltd. The contract commences on the Commercial Operations Date and runs for 5 years, with a 5 year extension option.

 

“The team from Windlab and Vestas should again be congratulated for delivering the project just a few days later than planned and well under budget.” stated Roger Price, Executive Chairman and CEO of Windlab Limited. “With exposure to the merchant electricity market over the summer period we look forward to the project delivering strong economic performance across the first few months of operation.”

 

Source: Windlab

 

CEFC finance for largest solar farm in NSW expands regional solar belt

24 January

The CEFC is supporting the expansion of the emerging solar generation belt in regional New South Wales, committing $30 million in debt finance to what will be the state’s largest solar farm. The 150MW (AC) Coleambally Solar Farm is being developed by Neoen Australia.

 

NSW has the largest electricity demand in Australia, however, it has a relatively low penetration of large-scale solar generation. During the past 12 months, the CEFC has worked with developer Neoen Australia to accelerate large-scale solar capacity in regional NSW, providing debt finance for four projects that will deliver an additional 260MW (AC) of renewable energy capacity.

 

“We are pleased to support Neoen’s investments in the construction of new solar generation in New South Wales. As well as driving lower emissions and regional employment, these investments are delivering renewable energy to large population centres,” CEFC Large-Scale solar lead Monique Miller said.

 

The Coleambally Solar Farm is five kilometres north east of Coleambally, and 70 kilometres south of Griffith. The development is part a growing stable of NSW solar projects developed by Neoen with CEFC finance.

 

The CEFC has provided a further $150 million in debt finance to Neoen solar farm developments in Dubbo, Griffith and Parkes. The Griffith and Parkes solar farm projects are now fully built and are undergoing commissioning, exporting increasing amount of renewable electricity into the national electricity grid as commissioning progresses. Full-scale commercial operation is expected to be achieved before the end of February.

 

Neoen Australia’s Head of Solar Development Chris Leonard said: “Neoen is pleased to have achieved financial close on the Coleambally Solar Farm, working with CEFC and other financiers NORD/LB and KfW Ipex. We would like to thank them for their commitment to Australia’s clean energy future and Australia’s renewable energy sector.”

 

The Coleambally Solar Farm will consist of about 565,000 solar panels on 550 hectares. It is expected to generate enough electricity to power more than 50,000 homes, while abating about 300,000 tonnes of carbon emissions annually, the equivalent of taking 90,000 cars off the road. The project has contracted 70 per cent of its output to EnergyAustralia.

 

The Coleambally site was chosen after a feasibility assessment confirmed there was an abundant solar resource at the location, which also boasts an existing electricity substation with grid connection capacity. Up to 300 workers are likely to be employed during the construction phase, which is expected to take around nine months.

 

CEFC investments in large-scale solar are accelerating the development of more than 1.3GW of renewable generation capacity across NSW, Queensland, Victoria and WA, which in turn have contributed to the significant improvements in knowhow, costs and technologies for the Australian solar sector overall.

 

Source: CERC

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