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By HARRY CLARKE
THE Singapore based company building one of the largest solar farms in Australia has secured finance for the first stage construction, indicating the $650 million project is on track to eventually produce 650MW of renewable power for the national grid.
Vena Energy, a leading green power company operating in the Asia-Pacific region, began building the mega Wandoan South Solar Project earlier this year and has now announced financial closure for its 125MW stage one component.
The announcement follows the completion in August of an adjoining Battery Energy Storage System (BESS) which has a capacity of 100 megawatts and can store up to 150 megawatt-hours of energy – equivalent to powering about 57,000 homes annually.
The BESS is connected to Powerlink’s Wandoan South Substation and was handed over to Australia’s largest electricity provider, AGL, on a fixed long-term contract for 15 years.
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“Vena Energy’s partner banks DBS, ING, Intesa Sanpaolo, OCBC Bank, and SMBC have agreed to provide debt and ancillary facilities to the 125 MW Wandoan South Solar Stage 1,” a statement from Vena Energy said.
“The facilities meet the criteria of ‘Green Loan’ financing, which is aligned with Vena Energy’s Green Financing Framework. This is Vena Energy’s third green project financing in Australia.”
Head of Vena Energy Australia, Owen Sela (pictured), said reaching financial close on such a significant project was “instrumental to Vena Energy’s vision to support Australia’s energy transition”.
“Climate change presents a real and ever-present threat to the environment, as well as our way of life, and Vena Energy is committed to accelerating the development of innovative renewable energy projects and generation of clean, sustainable energy in Australia,” Sela said.
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“Wandoan South Solar Stage 1 will make a significant contribution to the local, regional, and national economy throughout its lifespan. With the commencement of construction earlier this year, Vena Energy anticipates a peak workforce of approximately 350 people as well as business opportunities for local companies within the region to support the construction of the project.”
The Wandoan South Solar Project covers a total area of nearly 2,000ha and encompasses the the locality of Woleebee near Wandoan. No date has been announced for when the solar farm will be operational.