Acquisition of 550 MW Hydro and Solar projects in Australia
UPC\AC Renewables Australia, the partnership between AC Energy, the subsidiary of Philippines´ Ayala Corp. and UPC Renewables of Australia, is acquiring a 51-percent interest in a 250 MW Baroota Pumped Hydro and a 300 MW Bridle Track Solar Farm projects in South Australia.
UPC\AC Renewables Australia entered into a conditional share purchase agreement with Rise Renewables, the developer of two projects.
Under the terms of the agreement, UPC\AC Renewables intends to accelerate remaining development, fund construction and to retain long-term ownership of the two projects. The CEO of UPC\AC Renewables Australia said that they will expedite the financial close of the projects to start the construction phase. The financial close is expected to be reached by the end of the year.
AUD 400 million (USD 271 million) Baroota Pumped Hydro is an eight-hour pumped storage hydro facility at the existing Baroota Reservoir, which is located 40 kilometres north-east of Port Pirie, South Australia. The project will use the existing reservoir as its lower pond, with an upper reservoir to be built, along with penstock, pipeline and power station. The project will store excess energy generated from existing and new renewable energy projects enabling the Mid-North to become a critical source of low-cost reliable power to South Australia.
The Bridle Track Solar farm project has approval for 300 MW located next to the Baroota Pumped Hydro project. This provides the opportunity for a low risk, low cost, dedicated renewable energy power supply to contribute to the Baroota Pumped Hydro Project’s pumping power requirements.
Both projects will share a connection point to the 275 kilovolt (kV) Bungama-Davenport transmission line.
Brer Adams, a director of Rise Renewables, who did the initial work on the projects said - “Pumped hydro energy storage is the missing link in Australia’s electricity network, offering the potential for long-hours energy storage and on-demand generation. Bridle Track Solar Project will be co-located adjacent to the pumped hydro project offering significant locational and shared infrastructure advantages. The Projects will provide network services, helping to balance variable generation and supporting further development of South Australia’s electricity market”.
Country news
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