Innogy acquires two solar projects with combined 460 MW in Australia
Post date: 14/02/2018 - 18:35
Innogy SE, subsidy of German utility RWE, acquires two solar power projects with a combined capacity of more than 460 MW from Australian project developer Overland Sun Farming in New South Wales. According to the company, total investment volume is more than €400 million ($493 million) including project rights.
»Limondale« (347 MW) will be located at Balranald. Construction works are expected to start in the second quarter of this year. Commissioning of the plant will be gradually realized. Full commercial operation is expected by the end of 2019. The second development project called »Hillston« has a planned capacity of 115 MW. Construction works are anticipated to commence at the latest by the third quarter of this year to achieve full commercial operation by the end of 2019. The two projects are already »in a well-advanced development stage, with all land, planning and connection processes, arrangements and approvals as well as detailed designs«, and construction arrangements expected to be finalized during the second quarter, says the company.
The acquisition is subject to certain standard conditions, including land and planning arrangements, as well as review by Australia’s Foreign Investment Review Board and approval from Australia’s Federal Treasurer from a foreign investment perspective. It is anticipated that the various conditions will be completed in the second quarter of 2018, enabling the entire transaction to complete. Innogy will become the sole owner of the two projects.
Under current planning Innogy’s subsidiary Belectric will be in charge of construction works (EPC) and take over the operation and maintenance (O&M) for both solar plants as service provider.