Abdul Latif Jameel Energy and Environmental Services’ FRV announces landmark Moree Solar Farm power purchase agreement in Australia with Origin Energy
Fotowatio Renewable Ventures (FRV), a leading global developer of utility-scale photovoltaics (PV) solar power plants and part of Abdul Latif Jameel Energy and Environmental Services, has entered into a landmark agreement with Origin Energy Limited (Origin), signing a 15-year power purchase agreement (PPA) that covers 100 per cent of the output from FRV’s recently commissioned 56 MW Moree Solar Farm.
FRV was acquired by Abdul Latif Jameel Energy and Environmental Services (a division of Abdul Latif Jameel International DMCC) in April 2015, following the successful joint venture partnership announced between the two companies in January 2014. The acquisition resulted in Abdul Latif Jameel Energy and Environmental Services’ 100% ownership of FRV.
Located 10km south of Moree in northern New South Wales, the project comprises close to 223,000 tracking solar PV modules. The Farm is expected to produce approximately 145 GWh of energy every year, which is enough to power around 24,000 Australian households.
Moree Solar Farm has been funded by FRV, with the support of an Australian Renewable Energy Agency (ARENA) grant. The project funding was further augmented with debt on commercial terms from the Clean Energy Finance Corporation. It is the first large-scale Australian solar project to use a single-axis tracking system, with PV modules that follow the sun’s path from east to west, which maximizes the energy generated during the day.
FRV Chief Executive Officer Rafael Benjumea said, “This transaction represents a key step towards achieving FRV’s strategic goals to develop and build renewable power generation assets across Australia and globally. The agreement is yet another Australian market first for FRV, and it demonstrates that stability is starting to return to the Australian renewable energy market.”
Australia is a promising market for renewables, offering some of the highest solar irradiation levels in the world, which encourages the emergence of competitive large-scale solar PV projects. FRV aims to be a major player that contributes to the growth of the renewables sector and is actively pursuing the expansion of its presence and its solar project development pipeline (1,000MW under development) in the country.
Origin Chief Executive Officer, Energy Markets, Frank Calabria said, “We are pleased to announce this new power purchase agreement between Origin and FRV. There has never been a better time for Origin to pursue large-scale solar opportunities – and fulfill its aspiration to be one of Australia’s leading renewable energy companies.”
FRV also developed Royalla Solar Farm, the first project to be completed under an innovative government-led reverse auction program launched by the Australian Capital Territory (ACT). The 50-hectare solar farm is the first to be developed in the Australian capital, providing power for 4,500 homes. Earlier this year, FRV sold the project to Dutch Infrastructure Fund, an independent fund management company.
The Company recently received planning approval for three different large-scale solar farms located near the townships of Tieri, Clare and Baralaba, all in the State of Queensland. The three projects could deliver a combined generating capacity of over 300MWac when completed.
Through FRV, Abdul Latif Jameel Energy and Environmental Services holds a 4.3 GWdc pipeline of projects in emerging solar markets, including the Middle East, Australia, Africa and Latin America. 4.3 GWdc of power is the equivalent of generating enough electricity to supply approximately 2,000,000 homes and remove approximately six million tons of CO2