Abdul Latif Jameel Energy continues advance in Australia in drive to grow capacity eight-fold by 2024
- The solar plant will produce enough energy to supply more than 45,000 Australian homes, while avoiding the emission of 175,000 tons of CO2 per year
- FRV has invested USD 700m in Australia since 2012
- Company investing USD 900m worldwide in 2019 alone in strategy to increase installed capacity eight-fold by 2024 in projects around the world
Fotowatio Renewable Ventures (FRV) – part of Abdul Latif Jameel Energy and a global leader in the development of utility-scale renewable energy projects – has announced that its latest project in Australia, the Lilyvale solar plant, produced its first KWh of energy in March.
The 100 MWac solar farm is expected to reach full capacity in the coming months following successful completion of a testing phase. Located in the Queensland Central Highlands region, the Lilyvale solar plant will generate enough power to supply 45,000 homes, while avoiding the emission of 175,000 tons of CO2 per year. This is the fourth project connected to the national grid by the company in Australia, with a total of 276 MWac now operational.
Lilyvale is the second large-scale solar installation of FRV in Queensland. FRV signed a PPA with Ergon Energy Retail for the full plant capacity in January 2017. The project was financed in September 2017, with a consortium of banks comprising the Banking Group of Australia and New Zealand (ANZ), the Bank of Tokyo and Mitsubishi UFJ, Ltd (MUFG) and Sumitomo Mitsui Banking Corporation (SMBC).
Carlo Frigerio, Managing Director of FRV Australia, highlighted the importance of this project in the generation of green energy in the country:
“Australia continues to be a key market worldwide for renewable energy investments. With projects like Lilyvale, FRV is delighted to participate to the country’s ongoing energy transformation and transition to sustainability and care for the environment”
Fady M. Jameel, Deputy President and Vice Chairman of Abdul Latif Jameel, said:
“We are proud to announce this project milestone, and to be contributing to Australia’s drive for clean energy. Australia is a strong and promising market for FRV and Abdul Latif Jameel Energy, and we see significant potential to expand investment in the years ahead and spearhead the development of the sector in the country and further afield.
Abdul Latif Jameel Energy has committed to significantly expanding FRV’s international operations, with plans to invest US$ 900 million in 2019, alone, and the longer term goal of increasing the total installed capacity of our projects around the world over eight-fold in the next five years, from 0.7 GW at the beginning of 2019 to 5.8 GW by 2024.”
FRV has developed a total of six solar operating or committed projects in Australia with an accumulated investment of around US$ 0.7 billion since 2012: Royalla (20 MWac) in the Australian Capital Territory, Moree (56 MWac) in New South Wales, Clare (100 MWac) and Lilyvale (100 MWac) in Queensland, Goonumbla (67.8 MWac) in New South Wales and Winton (85 MWac) in Victoria.