Equis Energy, a renewable energy independent power producer (IPP), has achieved financial closure for the 127 MW Tailem Bend solar photovoltaic (PV) project in southern Australia.
The construction work for the grid-connected solar PV project will commence in February 2018 and Equis Energy plans to begin delivering the generated power to the grid in the first quarter (Q1) of the year 2019. The estimated cost of the project is $200 million (~₹12.95 billion).
Equis Energy has entered a Power Purchase Agreement (PPA) with Snowy Hydro Limited under which the latter will purchase 100 percent of the power from Tailem Solar for a period of at least 22 years.
Snowy Hydro is an Australian integrated energy business firm that owns and operates 5,500 MW of generation capacity across the country.
Tailem Solar, which is poised to become one of the lowest cost solar projects in Australia, will supply power equivalent to the annual needs of 41,600 households.
Commenting on the development, David Russell, the director of Equis Energy said in a press release, “Australia represents one of the most exciting solar power generation markets globally and Equis expects to build over $1 billion of new projects over the next 24‐36 months. As Asia’s largest renewable energy developer, Equis is able to leverage its economies of scale to deliver large scale, low‐cost, reliable renewable energy, which Australia needs, as well as providing employment opportunities and supporting economic growth in local communities.”
Equis will also develop Tailem Bend 2, a 111 MW solar project adjacent to Tailem Solar. Tailem Bend 2 will bring down power prices further by leveraging the existing infrastructure of Tailem Solar. The construction of Tailem Bend 2 is expected to kickstart in late 2018.
The two Tailem Bend solar projects will have a combined generation output of approximately 413,000 MWh/year, supplying power equivalent to the annual needs of 82,600 homes and cutting down over 200,000 tons of carbon dioxide emissions annually.
Equis Energy will also develop the 1 GW Wandoan South Solar Project in Queensland.
According to the company, Equis is the largest renewable energy IPP in the Asia‐Pacific region with 180 assets comprising 11,135 MW in Australia, Japan, India, Indonesia, the Philippines, Taiwan and Thailand.
Image credit: Flickr
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.