Syrah Resources reaches FID for 11.25 MW solar-plus-storage project in Balama
Syrah Resources Ltd, an Australian mining company, has reached a final investment decision (FID) for its planned 11.25 MW solar photovoltaic project with an 8.5 MW/MWh battery energy storage system located at its graphite operation site in Balama, Mozambique.
After a memorandum of understanding (MoU) between Syrah and solar and storage developer Solarcentury was signed in December 2020, the partners have finished the design, engineering, and procurement side of the project, selected technology solutions, and structured the funding. Africa-focused investment platform for renewables CrossBoundary Energy will provide funding and will deliver the solar-plus-storage system through its Mozambique incorporated project company.
The unit of CrossBoundary Energy will undertake the project through a build-own-operate-transfer (BOOT) scheme that includes a 10-year operating lease and an operation and maintenance contract. The project will be transferred to Syrah once the contract ends at no cost to the company. The solar-plus-energy storage complex is expected to be operational by 2023.
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