October 11 (Solar) – Risen Energy Australia has agreed to buy a 100-MW solar project in Western Australia amid plans to build an over-2-GW portfolio of renewable energy projects.
The company, part of Chinese solar module producer Risen Energy Co Ltd (SHE:300118), announced the share purchase agreement for the Merredin photovoltaic (PV) project on Wednesday. “Risen Energy is going to invest progressively in an excess of 2 GW of renewable projects in Australia with further investments in storage in the future,” said John Zhong, project development and investment director, Risen Energy Australia. He explained that the company’s goal is to acquire ready-to-build projects or projects looking for financial and engineering, procurement and construction (EPC) partners, as well as co-developers.
Risen Energy will acquire the Merredin scheme from local solar developer Stellata Energy, backed by UK alternative investment manager Ingenious. It intends to complete the acquisition, achieve financial close and launch construction on the project by the end of this year. Commissioning is anticipated late next year.
To be located in Western Australia’s central Wheatbelt, the solar farm will use around 405,000 PV modules with an expected output of 281 GWh per year. The generated power, seen to be enough for the demand of 42,000 local homes, will be supplied to the South West Interconnected System (SWIS).
Meanwhile, Risen Energy said it is building the 100-MW Yarranlea solar park in Queensland. It acquired the project at the start of 2018 and expects to complete it by the end of March 2019, at the earliest, the company said previously.