September 27 (Solar) – Germany’s Innogy SE (ETR:IGY) has taken a final investment decision on its 349-MWp Limondale solar project in New South Wales, Australia, and plans to begin construction next month.
To be located near Balranald, the photovoltaic (PV) park will be the largest one in Australia when fully operational in the middle of 2020, Innogy said on Wednesday. The German group’s subsidiary Belectric Solar and Battery GmbH will be in charge of engineering, procurement and construction (EPC) and operation and maintenance (O&M). It is currently conducting preparatory works and pre-pilling and will bring the plant online progressively.
In line with its expansion in Australia, Innogy has set up a local unit to operate in the country called Innogy Renewables Australia Pty Ltd. The Melbourne-based subsidiary is already looking for further renewable energy opportunities on the local market, including solar, battery storage and wind projects, Innogy said.
Innogy agreed to buy the Limondale project from Overland Sun Farming earlier this year, together with the 115-MWp Hillston solar photovoltaic (PV) project in New South Wales from the same developer. The acquisition of the larger scheme was closed this month, while the transfer of the Hillston project company is seen to occur by end-2018.
The total investment in the two solar power plants, including acquisition of the project rights, is estimated at over EUR 400 million (USD 470m).
Commenting on the Australian market, Thorsten Blanke, CEO of Innogy Renewables Australia said that renewables can help lower the energy costs for consumers as power prices in the country are among the highest in the world.
(EUR 1.0 = USD 1.174)