The South Australian Government has walked away from its agreement with SolarReserve to develop a giant solar thermal power plant in Port Augusta, after the company failed to source financing for the project.

SolarReserve informed the SA Government that it would not be in a position to achieve Financial Close for the planned Aurora Solar Thermal Plant in Port Augusta. As a result, the government has scrapped a planned energy supply contract with SolarReserve, and will now return to market to secure its future clean electricity needs.

SolarReserve had notified the previous SA Government of its difficulties in securing finance before the last election, and they were granted additional time. SolarReserve is now proposing to sell the project to a third party.

Any party that might purchase the project from SolarReserve will be able to tender for the new government energy supply contract.

The South Australian Government has a contract in place with SIMEC ZEN Energy to supply electricity until November 2020, and the contract has an extension option if required.

“The State Government will ensure that we get the best deal possible for the people of South Australia, including delivering more affordable, reliable and cleaner electricity in South Australia,” said Energy Minister Dan van Holst Pellekaan.

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