The first stage of what promises to be the biggest solar-battery hybrid energy generator on Australia’s main grid will move to construction in the northern rivers region of New South Wales after locking in more than $1 billion in funding for the huge project.
South Korea-based outfit Ark Energy said on Friday that it has secured a financial investment decision (FID) for its $A1.3 billion Richmond Valley Solar Farm and Battery Energy Storage System (BESS), which has all state and federal approvals for construction around 25 km south of Casino.
Richmond Valley’s first stage will combine a 200 megawatt AC solar farm and a long-duration Lithium-iron phosphate (LFP) BESS with a power capacity of up to 275 MW and storage capacity of 2,200 MWh.
Ark says a resolution seeking the FID was approved at an Extraordinary Board Meeting for parent company Korea Zinc in Seoul on 21 July, positioning Ark Energy to get a financing package comprised of $A586 million in equity funding and $A716 million in debt financing.
Richmond Valley is the first build-to-own project in Ark Energy’s development portfolio to secure FID. It has also won backing from the New South Wales government through a Long-Term Energy Service Agreement (LTESA).
