Saudi Arabia: Fotowatio Renewable Ventures (FRV), a leading global solar developer and part of Abdul Latif Jameel Energy, has signed an agreement to sell a large-scale solar project in Australia.
This agreement will involve a consortium consisting of Lighthouse Infrastructure, an independent funds management firm focusing on investment in socially responsible infrastructure assets and DIF, a leading independent fund management company, for the 125-Megawatts Clare solar farm in Australia.
Once the solar farm is operational, it will produce enough energy to power 42,000 homes, more than any other solar project commissioned to date in the country, and allow the annual reduction of about 200,000 tonnes of CO2, that's the equivalent of 43,000 cars on the road.
The project, located 35km southwest of Ayr, in northern Queensland, is currently under construction and is expected to begin operations later this year.
Roberto de Diego Arozamena, Chief Executive Officer of Abdul Latif Jameel Energy, said: “This shows the growing strength and competitiveness of solar power, and we’re determined to continue pushing the boundaries of renewable technologies in Australia and around the world.
“All the projects we deliver are designed to maximize generation, and in this case 42,000 homes will be powered with clean energy, while at the same time allowing the annual reduction of about 200,000 tonnes of CO2.”
Abdul Latif Jameel Energy announced in January 2017 it had secured financial close for the $200 million solar farm. The plant is the first to obtain funding without Government subsidy through a Power Purchase Agreement (PPA).
In May 2016, FRV signed a contract with the Australian energy company Origin Energy to sell 100 per cent of electricity and large-scale renewable energy certificates produced by the plant (LRECs).
