Aurora Power Plant – thermal power plant in SA

The $650m Aurora Power Plant in South Australia is under threat as the US company Solar Reserve which will be responsible for building it haven’t raised the required funds. The solar thermal power plant was to generate 150MW of power and seemed in safe hands with Solar Reserve, who have previously constructed the 110MW Crescent Dunes Solar Energy Project.

Aurora Power Plant – thermal power plant in SA

We’ve written about the Aurora solar thermal power plant before – they were able to receive DA in January this year and it appeared that everything was going well – but there appears to be a bit of trouble getting the final amount of funding over the line.

“Project funding is a lengthy process and we’ve made great progress having identified the necessary funding sources from commercial lenders and equity providers,” a spokesperson from Solar Reserve told 9NEWS.

At the same time, 9NEWS chased down energy minister Dan Van Holst Pellkaan for a statement – who subsequently advised that as far as the government is concerned, everything is copacetic: “What they’ve said is that as of yesterday, the project is still on track. They’ve certainly made it clear that they’re still seeking finance,” Mr Van Holst Pellkaan said.

SA Energy Minister Dan van Holst Pellekaan - Aurora Power Plant - thermal power plant in SA (source: https://www.danvhp.com.au/ )
SA Energy Minister Dan van Holst Pellekaan – Aurora Power Plant (source: https://www.danvhp.com.au/)

The project already has a 20 year PPA signed and a $110m loan from the federal government (contingent on them raising the other ~$540m) so it’s got most of the pieces of the puzzle in place. 9NEWS have reported that as of last month 60% of the necessary funds have been raised, but they’re still looking for someone to come on board and stump up a significant amount of cash (~$250m) so that the project can receive its loan from the federal government in addition to the other $540m and get this project off the ground.

Fingers crossed that we don’t see any significant delay and the world’s biggest single-tower solar thermal power plant is finished quickly!

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Metz Solar Farm sold to Clenergy

New South Wales based 120MW PV solar farm Metz Solar Farm, previously owned by a consortium of buyers, has been sold by Pinsent Masons to Clenergy, a major renewable company from China.

Metz Solar Farm

Metz Solar Farm
Metz Solar Farm (source: metzsolarfarm.com.au)

The consortium, which included Infinergey and other unnamed investors (we wrote about the Metz farm in August last year), used Pinsent Masons to advise all aspects of the sale, which was the group’s first major project in Australia. Financial specifics are confidential – we reported last year the farm was bought for around $130m so it’d be interesting to see what it was worth to a buyer right now – unfortunately we’ll probably never know. Keep in mind it hasn’t even started construction yet – that will be around Spring of this year – the solar farm is expected to reach completion early 2019. 

The Armidale-based farm was 100MW when we looked at it last year, but with the application of Clenergy’s push-pull centralized single-axis tracking architecture, it’s now able to generate 120MW. 

Infinergy, who are more known for wind power according to PV Magazine, have put themselves “on the map” with this project – they are now looking to get development and grid connection approvals for 300MW by the end of the year, with a focus on utility scale solar in NSW and Victoria. 

Pinsent Masons partner Ewan Robertson, who, along with associate Lucy Carter, advised on the sale of the project, was bullish about the state of large-scale renewables in Australia: 

“The sale of the Metz solar farm is significant as it not only marks the sellers’ first project sale in the Australian market, it also represents the buyers’ first acquisition in Australia. Further, the speed at which the sale was initiated and completed is a ringing endorsement of the current appetite for renewable energy in Australia,” Robertson said.

“We are delighted to have achieved the successful development and the subsequent sale of Metz Solar Farm, all within a timeframe of 18 months,” said Infinergy CEO Esbjorn Wilmar in a statement.

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