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.