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Australia’s Largest Solar Project is Right On Track

Reuters reported that Australia’s biggest solar project is right on track to start construction by April after lining up major power retailer EnergyAustralia as a customer and an infrastructure fund as a partner as stated by developer ESCO Pacific.

The project is the latest in a series of solar farms due to be built over the next few years to help meet the Australian government’s target to generate 23.5% of Australia’s electricity from renewable energy by 2020.

ESCO Pacific said it aims to complete the 142-megawatt Ross River solar farm on a property that used to be a mango plantation in tropical Queensland in early 2018 at a cost of $225 million.

EnergyAustralia agreed to buy 80% of the Ross River output for 13 years, which ispart of a $1.5 billion program to source around 500 megawatts of electricity from solar and wind. This would in turn help offset carbon emissions from its coal-fired plants. EnergyAustralia is the 2nd biggest carbon emitter and owned by Hong Kong’s CLP Holding Ltd.

Paradise Partners also agreed to take about 50% stake in the Ross River renewable farm which adds investments it has in wind farms.

Click here to read the story on Reuters


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