Lightsource BP has secured AU$330 million (US$255 million) to fund the development of two utility-scale solar projects in Australia.
The developer, a joint venture part-owned by oil and gas major BP, has now broken ground on its West Wyalong and Woolooga solar projects located in New South Wales and Queensland after receiving construction financing from investors EDC, ING, Intesa Sanpaolo and Westpac. The projects, which are expected to be completed by mid-2022, will bring 520MWac of solar capacity to Australia’s electricity grid when they come online and produce roughly 673GWh of electricity annually, the company said in a statement. Local solar company Pacific Rim Pty, a subsidiary of PCL Constructors has been commissioned to carry out construction on the projects.
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The new projects mark Lightsource BP’s second and third ventures in the Australian solar market, after the company was granted planning permission last month to build out a 400MWdc solar park near Wellington, New South Wales.
Adam Pegg, Lightsource BP Australia’s country manager, said the three projects underway and the developer’s additional 1.5GWdc Australian project pipeline establish it as “a leader in the Australian solar market.”
“Although COVID-19 has disrupted the energy landscape, we are proud to be able to start construction and complete the financing of two large solar projects on a subsidy-free basis, demonstrating the resilience of solar as a sustainable solution to meeting the rising global energy demands.”