Beryl Solar Farm Sold To New Energy Solar

We’ve written about the Beryl Solar Farm reaching a financial close back in May – now the 87MW (108MW according to the AFR) project has a new owner and is continuing construction. 

Beryl Solar Farm Sold To New Energy Solar

Beryl Solar Farm Sold to New Energy Solar
Beryl Solar Farm Sold to New Energy Solar (source: FirstSolar.com.au)

According to PV Magazine, the farm has been purchased by New Energy Solar – who also bought the 50MW Manildra Solar Farm for $113m last month. Both farms were previously owned by First Solar and the Beryl farm will be using their 420W large-format Series 6 thin film PV modules. Beryl also comes with a 15 year PPA with Transport for NSW – who will purchase 134,000 MWh from Beryl Solar Farm each year – using the power for the Sydney Metro Northwest railway. This long PPA with a AAA rated customer (i.e. the government) makes the farm a great buy in its current shape.

The EPC project was estimated at $150m according to Reuters, but it’s now estimated at $187m. Downer Utilities started work on the project in May and hope to have it finished in mid 2019. The farm will produce enough energy to power 25,000 households and doesn’t require any water for its electricity generation.

New Energy Solar said the cost of the farm won’t be announced but it was pegged to a target for five-year annual average gross yield of 8.2%, in comparison with yield on its existing portfolio of about 6.8% p.a, so by those metrics it looks like a canny purchase. 

New Energy Solar’s CEO, John Martin, discussed how the extra-long 15 year PPA helped get the sale of this project over the line:

“Beryl, New’s second investment in Australia, will further enhance the scale and contracted cashflows of our Australian portfolio,” said Martin. “Following the Manildra acquisition last month, we are delighted to be consolidating our relationship with First Solar through this second sizeable transaction in the Australian market.”

Martin continued to say that ~69% of the energy provided by the Beryl project will go to Transport for NSW – with the rest slated to package up with a 20MWh battery and sold to a corporate customer as commercial solar

To learn more about the project from the First Solar website please click here

If you’re interested in solar employment and working at the Beryl Solar Farm, please click here to visit the Downer Group’s careers website.

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Australian Renewable Energy Agency Solar Grants – 12 Plants Reach Financial Close in April

Australian Renewable Energy Agency
The Australian Renewable Energy Agency (ARENA) have reached a significant solar milestone with their funding of PV plants in Australia. As of EOM April 2017 all 12 plants currently receiving grant funding from ARENA have reached a “financial close”. A financial close refers to the fact that all plants are fully financed with council and environmental approvals. They also have agreements in place with regards to grid connection, construction, and engineering. Nine of the plants have already begun construction and, when completed, the 12 plants will generate enough renewable energy to power 150,000 homes. All together, the 12 plants will generate 468.8MW of solar energy – and this doesn’t count at least six more plants being developed without any assistance from ARENA.

ARENA CEO Ivor Frischknecht noted that the total cost of plant production has decreased by 40% over the last three years. The amount of grant funding required to launch large-scale solar projects has also shrunk dramatically – from $1.60/watt three years ago to just 28c per watt in 2017. In addition to this, there are at least six PV plants in advanced stages of development that have received no funding, an indication that the industry has advanced to a level where it’s financially feasible to develop solar plants even without any government intervention and Australia is well on its way to reaching our 2020 renewable energy target (large-scale renewable energy generation of 33,000 GWh)

The 12 plants received a total of $92m in grants from ARENA – in addition to $1bn provided by private investment.

Australian Renewable Energy Agency (ARENA) Funded Solar Plants

The Solar Plants ARENA have funded and their capacity:

  1. QLD – Kidston Solar Park, 50MW
  2. QLD – Longreach Solar Park, 15MW
  3. QLD – Collinsville Solar Power Station, 42MW
  4. QLD – Oakey Solar Farm, 25MW
  5. QLD – Darling Downs Solar Farm, 106.8MW
  6. QLD – Whitsunday Solar Farm, 52.8MW
  7. NSW – White Rock Solar Farm, 20MW
  8. NSW – Dubbo Solar Hub, 22.4MW
  9. NSW – Manildra Solar Farm, 42.4MW
  10. NSW – Parkes Solar Farm, 46MW
  11. NSW – Griffith Solar Farm (Neoen), 26.4MW
  12. WA – Emu Downs Solar Farm, 20.1MW

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Molong Solar Farm Development Application Tendered By Terrain Solar

Some big news out of  New South Wales today as a proposal for a 100 hectare Molong solar farm has been tabled. Molong is a small town in the Central West region of New South Wales, in Cabonne Shire.

About the proposed Molong Solar Farm

Terrain Solar have lodged a development application to build a 100 hectare solar farm around 3km north-east of Molong – right next to the Transgrid substation. The DA has been lodged with Cabonne Council and will be referred to the Joint Regional Planning Pannel for “assessment and determination”, as advised by Cabonne Mayer Ian Gosper.

Gosper was quoted very positively about these new developments, going on record as saying “If the solar farm is approved, it will be great news for Cabonne and the environment”. Upon construction, the farm will generate 62k MWh / year (enough to power over 10,000 households) and will provide energy to Molong, Orange, and Dubbo.

Molong Solar Farm
Molong Solar Farm (source: Terrain Solar)

According to Terrain, once they receive development application, they hope to commence work on the solar farm by the end of 2017. Simon Ingram and Chris Wilson, the directors of Terrain Solar, said the project represents their “core business mandate, which is to work with landowners to bring renewable energy investment into regional areas.” The construction phase is expected to create 100 temporary jobs and ongoing maintenance of the farm will result in 3-4 permanent positions.

Wilson said the full cost of the farm can’t be revealed yet due to competitive tender.

Manildra Solar Farm

The Molong solar farm would sit alongside a $109m solar farm which is due to start construction at Manildra, 20km west of Molong. The 48.5MW Manildra Solar Farm was approved last September and will be built by First Solar, who have over 17GW of PV power installed worldwide. The Manildra PV farm is slated to reach completion in 2018 and will provide energy to approximately 14,000 homes in the area.

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