BP has estimated that its new solar energy project in New South Wales will cost more than US$600m and is seeking funding from the Australian Government.

The company will submit a plan for the proposed 150MW project to the federal government by 15 December, BP’s Australian unit spokesman Jamie Jardine told Bloomberg.

The project is one of four solar photovoltaic projects selected to proceed in the competition for funding from the $1.5bn Solar Flagships programme, according to Bloomberg.

The Australian Government will declare its decision on the Solar Flagships funding in the first half of 2011.

Suntech Power Holdings and Infigen Energy have also made a joint proposal, while AGL Energy and TRUenergy Holdings are seeking solar funding.