CleanPeak Energy’s acquisition of the Wangaratta Solar Farm project location has cleared the way for the project to commence construction by the middle of next year.
With a number of commercial solar projects already under its belt, including solar + storage rollouts at Charter Hall shopping centres and an installation on the rooftop of the Qantas precinct at Sydney Airport, the purchase marks CleanPeak’s first utility-scale investment.
Effectivity doubling its solar generation capacity, CleanPeak reportedly has ambitions to install battery storage at the Victorian site. According to Australian Financial Review, CleanPeak’s plan is ultimately to combine the 30 MW solar farm with its portfolio of over 80 MWh of battery assets.
“The acquisition allows us to rapidly grow our solar portfolio to complement our existing commercial assets. The WSF Project provides a low cost, low risk, large scale solar connection in the Victorian distribution network and has the potential for future storage. When completed, the Project will substantially boost our integrated portfolio of solar assets to near 100 MW,” CleanPeak CEO, Philip Graham, said in a statement.
Originally kicked off by Sun Farms Australia, the developer began seeking investors for the “shovel-ready” Wangaratta project, reportedly worth between $30 – $45 million, earlier this year, appointing Energy Estate to advise the process.
Wangaratta Solar Farm Director Leigh Newbery said the equity investment from CleanPeak “confirms that solar projects in good locations with strong fundamentals will continue to play a role in the vital energy transition.” The Wangaratta Solar Farm will be connected to AusNet Services’ distribution network in Northern Victoria, with its location expected to remove it from the grid congestion woes which have hampered large-scale renewable projects in Victoria’s West Murray region.
“With this [investment] milestone, the Project can now proceed with confidence through the design and construct phases and deliver a material boost in investment and jobs in the Wangaratta region,” Newbery said.
Wangaratta Solar Farm is anticipated to be generating by the end of 2021.
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