Global solarpower plants developer Fotowatio Renewable Ventures (FRV) has reached financial closure for its 100MW alternating current (AC) solarfarm project at Clare in Queensland, Australia.
The Clare facility is the first utility-scale solar generation project in Australia able to secure financing completely on the basis of a commercial power purchasing agreement (PPA), without any other government funding.
Located near Ayr in North Queensland, the project received construction approval in October 2015. In May last year, FRV signed a PPA with Australian company Origin Energy to acquire 100% of the power produced and all of the large-scale renewable generation certificates (LGC) generated by the farm.
FRV's Australia managing director Cameron Garnsworthy said: “By planning projects with good grid connection prospects, high-levels of solar irradiation and using technology that maximises generation output over the course of the day, we can better meet our customers’ needs whilst satisfying lender provisions relating to project risk.”
“This funding agreement is yet another Australian market first for FRV and demonstrates our commitment to investing in the Australian renewable energy market.”
Construction work for the solar photovoltaic (PV) project is expected to commence early this year and will take approximately 12 months to complete. The facility is expected to support the local economy by generating nearly 200 job opportunities during the construction period.
Once completed, the facility will be able to generate more energy than any other solar project in Australia and will be enough to cater to the electricity needs of nearly 42,000 Queensland households.
Image: FRV’s Clare solar farm will be able to power 42,000 homes in Queensland, Australia. Photo: courtesy of FRV.