Abdul Latif Jameel Energy’s FRV continues success in Australia with pioneering deal

Dubai, UAE
January 17, 2017

Fotowatio Renewable Ventures (FRV), a leading global developer of large-scale solar power plants and part of Abdul Latif Jameel Energy, has secured a pioneering funding agreement for a new solar energy farm in Queensland, Australia.

The $200 million agreement for the Clare Solar Farm makes the project the first utility-scale facility in Australia to secure financing without an additional government grant, highlighting the competitiveness of solar energy in the country.

The announcement paves the way for construction to begin on the 100 MW AC (125 MW DC) plant in early 2017, which is expected to take 12 months and create 200 jobs in the local economy. Once completed, the facility will generate more electricity than any other solar power project in Australia, enough to power 42,000 homes.

Roberto de Diego Arozamena, Chief Executive Officer of Abdul Latif Jameel Energy, said: “The funding agreement on the Clare Solar Farm is yet another Australian market first for FRV and demonstrates our commitment to investing in the Australian renewable energy market. The deal shows the strength and competitiveness of solar power, and we’re determined to continue pushing the boundaries of renewable technologies in Australia and around the world.”

Cameron Garnsworthy, Managing Director of FRV Australia, commented: “Good project design and the use of new technology has allowed us to maximise generation and better meet our customers’ needs whilst satisfying lender provisions relating to project risk. We are pleased to reach this milestone and look forward to construction commencing in the coming months.”

The project, near Ayr in Queensland, received development approval in October 2015. In May 2016, FRV signed a landmark Power Purchase Agreement (PPA) with leading Australian energy company, Origin Energy, for 100 percent of the electricity and all of the large scale renewable generation certificates (LGRCs) generated by the facility. The project will be connected to the grid via the Clare South substation, under an agreement with Powerlink Queensland.

FRV also announced that it has awarded the Engineering, Procurement and Construction (EPC) and a two-year Operations and Maintenance (O&M) contract for the Clare Solar Farm to Downer, one of Australia’s largest and most experienced partners in delivering renewable energy projects.

FRV is looking to invest in a 36 MW (AC) solar farm project within the Burdekin Shire, known as Clare II. If approved, Clare II will be built on a site immediately adjacent to the approved Clare Solar Farm project.

For further information on the project, visit www.claresolarfarm.com.au