Sale of first solar project boosts growth in Australia
The plant, located in Hughenden, Queensland, is one of BayWa r.e.’s first solar projects in Australia. With construction now underway, the installation is being funded through a 13-year Power Purchase Agreement (PPA) with one of the leading Australian energy retailers.
Matthias Taft, Board member of BayWa AG responsible for the energy business, commented on the sale: “The sale of our first Australian solar project, so soon after entering the market, is testament to our growing success in the region and the strength of Australia’s rapidly expanding solar sector and desire to reduce high electricity prices through renewables."
“We are very pleased to be working with Lighthouse Infrastructure. The company has a clear mission to increase solar generation in Australia, which we very much share. We will continue to operate and manage the Hughenden plant following its completion and look forward to a long-lasting relationship with Lighthouse Infrastructure to deliver cleaner energy for Australia.”
This will be the second utility scale solar PV investment made by Lighthouse Infrastructure, who were advised in this transaction by Planum Partners, Herbert Smith Freehills, and WSP.
For BayWa r.e, this was one of its most efficient sales and an extremely positive sign for the company’s expansion in Australia. The plant is expected to be fully operational by the end of October 2017.
Daniel Gäfke, Managing Director of BayWa r.e. Solar Pte Ltd. added: “Australia is a really exciting market for us. Given its high levels of sunlight, it’s the ideal home for photovoltaic energy. We first entered the market last year, opening offices in Perth and subsequently in Melbourne. Since then, we’ve been working closely with the industry and government to help unlock the huge potential of renewable energy in Australia."
“We are currently investing in a further three large projects in Northern Victoria and Queensland. These projects, once operational, will have a combined output of just under 280 MW. All three are set to be generating electricity before the end of 2018 and are just the first steps in our expansion into Australia”.