Funding for Australian PV project with ‘around the clock’ power potential

Share on facebook
Share on twitter
Share on linkedin
Share on reddit
Share on email
Genex completed a study which found that it was technically feasible to construct a pumped storage facility to operate alongside the solar farm. Flickr: Tim Swinson

The Australian Renewable Energy Agency (ARENA) has signed its first funding agreement from its major programme to fund 12 large-scale solar projects.

The Agency has committed up to AU$8.9 million (US$6.6 million) of funding towards Genex’s AU$126 million 50MW Kidston Solar Project in North Queensland. EPC contractor UGL is expected to begin construction imminently to be completed before the end of 2017.

Genex has also received credit approval from its debt syndicate for a debt facility of up to AU$110 million towards construction.

Just one month ago, Genex completed a study which found that it was technically feasible to construct a pumped storage facility to operate alongside the solar farm. This means the project has the potential to be the first large-scale solar plant able to power the grid “around the clock”, said ARENA chief executive Ivor Frischknecht.

The other 11 PV projects from ARENA’s funding round are still waiting to sign agreements to secure the financing.

Frischknecht said: “ARENA’s unprecedented investment in large-scale solar is expected to unlock almost AU$1 billion in commercial investment that will mostly be spent in regional Australian economies.

“Nationally, the six plants in Queensland, five in New South Wales and one in Western Australia will be a huge boost to regional areas with the expected creation of around 2,300 direct jobs and thousands more indirect jobs.”

Read Next

September 23, 2021
A project that bids to combine up to 20GW of solar PV with the world’s largest energy storage battery and a 4,200km-long subsea power cable has moved a step forward after Indonesian authorities greenlit its proposed transmission cable route.
September 20, 2021
Australian companies plan to spend AUS$5.1 billion (US$3.7 billion) on offshore gas exploration over the next six years, which is enough to develop 2.5GW of renewables capacity and generate close to 5,000 jobs
September 20, 2021
Mining company Rio Tinto has revealed plans for a new solar project and battery energy storage system that will help to decarbonise an off-grid mine in the Australian state of Queensland.
September 16, 2021
Renewables developer Amp Energy has secured financing for a 120MW solar installation in the Australian state of New South Wales that is expected to begin energisation in early 2022.
September 16, 2021
Australia’s government has committed AU$19.2 million (US$14 million) to implement the recommendations of a new report that that aims to improve regulation and compliance in the country’s rooftop solar sector.
September 13, 2021
The Australian Renewable Energy Agency (ARENA) will support projects that further lower the cost of renewable generation as part of a new investment strategy aimed at underpinning the transition to net zero emissions.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 6, 2021
Solar Media Events, Upcoming Webinars
October 6, 2021
Solar Media Events
October 19, 2021
Solar Media Events
December 1, 2021