Risen Energy has completed the acquisition of the 100 MW (DC) Merredin Solar Farm from local solar developer Stellata Energy, and announced its plans to invest progressively in over 2 GW of renewable projects in Australia.
The Merredin solar farm was the first project to be developed by Stellata Energy, a joint venture formed last year by Ingenious Infrastructure, a U.K.-based investor in renewable energy projects, and Australian solar company Stellata Energy, with an eye on investing more than $200 million in solar projects across Australia.
Under the share purchase agreement inked this month, Risen will be looking to deploy around 405,000 tracking solar PV modules covering an area of roughly 350 hectares in the wheatbelt region of W.A., with an expected output of 281 GWh of electricity per annum.
The project is scheduled to begin construction this year, and to start exporting renewable electricity into the South West Interconnected System (SWIS) in late 2019.
“We will aim for completion of the acquisition of Merredin Solar Farm in late 2018 with 100% share outright purchase of Merredin Solar Farm SPV as soon as possible,” said John Zhong, Project Development & Investment Director, Risen Energy (Australia).
“Risen Energy will fund some equity of the Merredin Solar Farm project with an aim to achieve financial close in late 2018,” Zhong said.
This is Risen’s second project in Australia, after it fully acquired the 100 MW (AC) Yarranlea Solar Farm in Queensland, which the company plans to operate entirely on a merchant basis.
Construction is underway at the Queensland site, with space set aside for battery storage.
Overall, Risen has increased its renewable target in Australia from 1 GW stated earlier this year to over 2 GW of projects that it will be looking to acquire in stages.
“Risen Energy (Australia) is going to invest progressively in an excess of 2 GW of renewable projects in Australia with further investments in storage in the future. We will be acquiring projects that are shovel ready, projects that are looking for financial and/or EPC partner, projects that are looking for a co-developer,” said Zhong.