$450 million finance for solar power station

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More than $450 million in finance has been secured for what will be Australia’s largest solar power station at Darlington Point, near Griffith in New South Wales.

Octopus Investments and Edify Energy have secured the finance for the construction of the 333MWDC (275MWAC) Darlington Point Solar Farm.

Once operational it will generate 685,000MWh of renewable energy each year – enough to power around 115,000 homes. Generation is expected to start in early 2020.

The project will create nearly 400 direct onsite peak jobs and other opportunities for surrounding communities. It has a long-term power purchase agreement (PPA) with Delta Electricity for approximately 55 per cent of output.

Octopus Investments Managing Director, Sam Reynolds, said,“Projects need to stack up economically, not just environmentally, for our investors. Darlington Point ticked the right boxes for us – there’s excellent solar resources in the region, plus it’s right next door to a major existing transmission substation and the site has development approval to accommodate batteries in the future.

“Bringing projects like this to life shows how the solar industry has come of age in Australia as a mainstream choice for investors, retailers and consumers of energy.”

Renewable energy and storage company Edify Energy developed and structured the Darlington Point Solar Farm and are retaining an equity stake in the project. Edify will work with Octopus through construction and will undertake the long-term asset management service for the solar farm through operations.

Edify Energy Chief Executive John Cole said, “We are excited to add the largest solar farm in Australia to our portfolio of developed, financed and operational projects. Delivering a portfolio of energy and battery storage projects that will power over 280,000 Australian homes is something we are proud of.

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