Edify Energy has announced it will build two new solar farms in the former Queensland coal mining hub of Collinsville.
The company has secured finance to construct the 150 MW Daydream Solar Farm and 50 MW Hayman Solar Farm.
The Clean Energy Finance Corporation (CEFC) has provided $90 million for both projects, as part of a broader investment in large and small-scale solar.
Upon completion in mid-2018, the solar farms will supply enough solar energy to power 73,000 homes.
They join Edify’s 57.5 MW Whitsunday Solar Farm and the 57.5 MW Hamilton Solar Farm, already under construction near Collinsville.
Construction of the Daydream and Hamilton solar farms is scheduled to begin in September.
RCR Tomlinson is constructing the solar farms, which are expected to create around 300 jobs during construction. The projects consist of about two million solar panels.
Solar farms sparking ‘solar gold rush’ in Collinsville
Solar is transforming the energy landscape of the former coal-mining hub of Collinsville.
CEFC CEO Ian Learmonth said the region’s high solar radiation levels was attracting large-scale solar development.
In May, RATCH-Australia Corp began construction of a 42 MW solar farm on the site of the defunct Collinsville power station.
Every solar project in Collinsville has secured backing from the CEFC .
“We are looking to finance projects that enhance grid stability while developing new renewable energy generators,” Mr Learmouth said.
“These two new projects have the ability to integrate future storage solutions, increasing the clean energy benefits to the grid.”
Solar deal attracts global investors to QLD
Edify Energy’s debt funding model unites the CEFC, the Commonwealth Bank, and for the first time, global investment group BlackRock and French bank Natixis.
Origin Energy has signed a 12-year power-purchase agreement (PPA) for 100 percent of the electricity from the Daydream Solar Farm.
CEFC Solar Lead Gloria Chan said the transaction marked a significant turning point for large-scale solar financing in Australia.
She said the deal demonstrates that large-scale solar development was commercially viable without government funding.
“This demonstrates a growing understanding of the investment opportunity available through large-scale solar, and a willingness to provide patient capital to develop this important renewable energy resource,” Ms Chan said.
