Moree Solar Farm
The CEFC provided $46 million in senior debt financing towards development of the $165 million Moree Solar Farm, providing a precedent in the Australian market for financing large scale solar PV on a merchant basis.
The project uses single-axis tracking technology, with its 250,000 solar PV panels tilting to face the sun as the earth rotates. As solar energy is more predictable than wind energy, tracking will allow the facility to capture a higher volume of peak priced electricity.
The technology has the potential to produce 30 per cent more energy than fixed-position panels, and to capture a higher volume of peak priced electricity.
Looking to the future
This utility scale project is designed to help drive down future construction costs as industry participants gain experience building large scale solar projects. The project is encouraging regional development, providing opportunities for direct employment during the construction phase, and indirectly through local service providers.
The project, which also has funding from ARENA, will deliver a transparent business model that can be shared with and replicated by a broad range of market participants to ensure a competitive and sustainable base.
100 per cent of the piling works is expected to be completed by mid-September. The 31,000 steel piles support the tracking system and solar panels and are manufactured by an Australian company based on the Gold Coast.
A key project milestone was reached in August 2015 with 50 per cent of the 222,000 solar modules installed on the trackers.
All 56 inverters are now on site and the wiring across the site is progressing well.
The 4km long dual circuit 66kV overhead transmission line construction is complete. This is the first part of the 13.5km long overhead transmission line connecting the solar farm to the National Electricity Market. The construction of the remainder of the line will commence later in September.
The transaction was named IJ Global 2014 Asia Pacific Solar Transaction of the Year, recognising excellence, achievement and innovation in energy and infrastructure finance.