According to a series of announcements, green light was already given to the Darlington Point Solar Farm with a capacity of 275 megawatts. It is to be constructed in New South Wales in Australia. This does not come as a surprise as solar panels on the Gold Coast prices dip down following an increase in demand. It is only a matter of time before the whole of Australia turns to solar power as their main source of renewable energy.
The financial aspect of the solar farm has already been finalized along with the building contract. They have also put a lid on the solar supply contract as well as the Power Purchase Agreement. Each of these finalization has been announced in a series of announcements.
The financial closure was made between Octopus Investments, most experience solar investor in Europe, and Edify Energy which is the leading renewable energy company in Australia. They have agreed to a funding of AU$450 million for the Darlington Point Solar Farm. Once the project is finished, it will bring home the title of the largest solar power station in the entire country until such time a bigger one is constructed. The structure as well as the development of the project was undertaken by Edify Energy therefore the company gets to keep the 275 MW project’s equity stake.
According to the developer, the construction of the solar farm will start in March while it will start its regular operation by 2020. When it does, 600,000 tons of CO2 will be displaced while 685,000 MW per hour of clean energy will be generated annually. This amount can sustain power to approximately 115,000 residential properties. The project is estimated to open around 400 job vacancies and various opportunities for the nearby communities.
John Cole, the chief executive of Edify Energy, said that the company is excited to be adding another milestone to their portfolio. As the country is experiencing a rise in demand for solar energy and solar panels on the Gold Coast prices are starting to climb down, more and more homes in Australia will be powered by clean energy in the years to come.