Asia Pacific’s largest renewable energy producer, Equis Energy has made a financial close on its $200 million-127 MW Tailem Bend Solar Project (Tailem Solar) in South Australia, a project that is expected to begin delivering power to the grid in first quarter of 2019.
The project, 100km south-east of Adelaide in Australia, will begin construction this month, an announcement from Equis said on Wednesday.
Further, Equis has also signed a Power Purchase Agreement (PPA) with Snowy Hydro Limited (Snowy Hydro) under which Snowy Hydro will purchase 100 per cent of the power from Tailem Solar for at least 22 years. Snowy Hydro is an integrated energy business in Australia that owns and operates 5,500 MW of generation capacity across Australia, including the 4,100 MW Snowy Mountains hydro-electric scheme.
The project, Tailem Solar, will supply power equivalent to the annual needs of 41,600 homes and an area of the project site will be reserved to accommodate a future battery installation with storage of up to 100 MWh.
“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,” said David Russell, Equis Energy Director.
Meanwhile, Equis is also developing 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. Tailem Bend 2 is expected to commence construction in late 2018.
The two Tailem Bend solar projects will have a combined generation output of approximately 413,000 MW hours per year (MWh/year), supplying power equivalent to the annual needs of 82,600 homes and saving over 200,000 tonnes of CO2 annually compared to the same generation from South Australia’s existing power plants.
Equis, the largest Asia Pacific’s Independent Power Producer (IPP) in the renewable energy space, has 180 assets comprising 11,135MW in Australia, Japan, India, Indonesia, the Philippines, Taiwan and Thailand. The firm was last month acquired by US-headquartered infrastructure fund manager Global Infrastructure Partners (GIP) and co-investors in a deal worth $5 billion.