RayGen Resources Pty Ltd has completed an AUD42 million (USD$32.5 million) funding for the development of the concentrating photovoltaic (PV) solar co-generation tower with its electro-thermal storage project in Victoria.
The Carwarp project features a 4 MW solar photovoltaic plant with a 3 MW/50 MWh energy storage system. The concentrated solar PV generates heat as a by-product, which is then stored in an electro-thermal storage system. The storage system consists of an Organic Rankine Cycle (ORC) turbine, industrial chillers, and two insulated water-based thermal storage pits or reservoirs, each roughly the size of four Olympic size swimming pools. One of the reservoirs is kept at a temperature of 90 degrees celsius and the other at close to zero degrees celsius and the temperature difference is used to generate dispatchable electricity using ORC turbines.
RayGen completed the Series C capital financing that includes an AUD27 million (US$20.79 million) grant from the Australian Renewable Energy Agency (ARENA). The capital financing includes investments by AGL Energy, Photon Energy NV, Schlumberger, and Chevron, alongside new and existing investors.
AGL has agreed to purchase the energy produced from the plant.
