Edify to develop two solar farms
EDIFY Energy has received the green light to begin construction on two new solar farms in Collinsville, Queensland that will collectively generate 200 megawatts (MW) of energy.
The Daydream (150 MW) and Hayman (50MW) solar projects will commence construction this September, with commercial operations to begin mid 2018.
The projects were underpinned by a ‘landmark’ finance deal involving a first-time investment in the Australian renewable energy industry by global investment management firm Blackrock, and a $90 million loan from the Clean Energy Finance Corporation (CEFC) as part of a syndicated debt facility.
RCR Tomlinson was awarded a $315 million contract to undertake Engineering, Procurement and Construction (EPC) works for both projects, and O&M services for an initial period of 10 years, with an option for a further five year term.
Origin Energy has also secured a power purchase arrangement (PPA) to buy output and renewable energy certificates from Daydream until 2030, while energy generated from Hayman will be sold into the grid on a merchant basis.
Edify Energy chief executive John Cole said the completion of the project brought Edify’s portfolio to five solar farms, and marked the next stage of its plan to grow an integrated clean energy business in the country.
“We are delighted to have closed another large utility scale solar PV financing transaction,” Mr Cole said.
“With a pipeline of projects under development, we look forward to playing a meaningful part in the decarbonisation of the Australian energy sector”.
CEFC chief executive Ian Learmonth said the acceleration of large-scale solar projects in high insolation areas like north Queensland was helping drive Australia’s clean energy transformation.
“We are looking to finance projects that enhance grid stability while developing new renewable energy generators,” Mr Learmonth said.
“These two new projects have the ability to integrate future storage solutions, increasing the clean energy benefits to the grid.”
The projects were expected to create about 300 jobs during the construction phase.