Foresight purchases first Australian PV power plant, with 25 MW Barcaldine project
Foresight has added a 25 MW solar project in a remote part of Queensland from Spanish developer Elecnor for AU$33.4 million (US$25.6 million). The PV power plant is the first in Australia that Foresight will manage, adding to its €1.2 billion (US$1.28 billion) portfolio of utility scale solar in the UK, Southern Europe, and North America.
It said it is seeing “significant growth opportunities” in waste-to-energy and solar projects in Australia.
The Barcaldine Remote Community Solar Farm began full generation in January, two months ahead of schedule. It was supported by two government renewables agencies in the form of a AU$22.8 million (US$17.5 million) grant from the Australian Renewable Energy Agency (ARENA) and AU$20 million (US$15.3 million) in debt finance from the Clean Energy Finance Corporation (CEFC).
Foresight has brought in KDB Infrastructure Investments Asset Management (KIAMCO) and Hanwha Energy as equity partners for the Barcaldine acquisition.
“The project will be meaningful not only for the local community’s energy generation but also as one of the early utility scale solar facilities being constructed in Australia,” said Gary Sofarelli, a director at Foresight Group.
“The acquisition has evidenced Foresight’s ability to apply its extensive solar expertise to the growing Australian market alongside the investors, with whom we look forward to delivering a strong pipeline of future energy projects both in Australia and around the world.