The Australian Government welcomes today’s announcement that Origin Energy has contracted 100 per cent of the renewable energy generated by the new Moree Solar Farm, with the signing of a 15 year power purchase agreement.
The Moree Solar Farm was developed by Fotowatio Renewable Ventures (FRV) with funding support from the Australian Renewable Energy Agency (ARENA) and debt financing from the Clean Energy Finance Corporation (CEFC).
This is a significant milestone for the large-scale solar industry as it demonstrates that a developer can finance and build a large-scale solar plant in Australia without first securing a contract to sell the electricity generated by the plant.
The agreement is a clear sign that the innovative approaches to financing projects are being developed and deployed since we fixed the Renewable Energy Target after Labor’s shambles.
Today’s announcement highlights that the renewable energy industry in Australia is strong and continues to grow.
Located in northern New South Wales 10km south of Moree, the 56 megawatt project is the first large-scale solar farm to use single-axis tracking technology.
A single axis tracking array is made up of PV panels mounted on an axis that tilts from east to west throughout the day to maximise energy output.
According to Origin, the plant will generate enough renewable energy to power 24,000 average Australian homes.
Clean and renewable energy is central to the Government’s plan to tackle climate change and meet our emissions reduction targets.
Just last week we announced the creation of a $1 billion Clean Energy Innovation Fund to support emerging technologies make the leap from demonstration to commercial deployment.
The $1 billion Clean Energy Innovation Fund will be administered by ARENA and jointly managed with the CEFC.
ARENA and the CEFC will be providing more support for innovative clean energy investments that will ensure a return on taxpayer investment.
By taking a more business-like approach to clean energy support we will unlock new ideas and opportunities, and strengthen our efforts to reduce carbon emissions.