Fotowatio Renewable Ventures (FRV), part of Abdul Latif Jameel Energy has announced that its latest project in Australia, the Lilyvale solar plant has been operational since last month.
Located in the Queensland Central Highlands region, the Lilyvale solar plant will generate enough power to supply 45,000 houses with clean energy and is the second large-scale solar installation of FRV in the region. A statement from FRV said that this is the fourth project by the company in Australia with a total of 276 MWAC under operation.
The company stated that they signed a PPA with Ergon Energy Retail for the full plant capacity in January 2017 and the project was financed in September 2017. Financing was undertaken by the Banking Group of Australia and New Zealand (ANZ), the Bank of Tokyo and Mitsubishi UFJ, Ltd (MUFG) and Sumitomo Mitsui Banking Corporation (SMBC).
“Australia continues to be a key market worldwide for renewable energy investments. With projects like Lilyvale, FRV is delighted to participate to the country’s ongoing energy transformation and transition to sustainability and care for the environment,” said Carlo Frigerio, managing director of FRV in Australia. He also highlighted the importance of this project in the generation of green energy in the country.
Fady Jameel, deputy president and vice chairman of Abdul Latif Jameel Energy said Australia is a strong and promising market for FRV and Abdul Latif Jameel Energy, and that they see significant potential for investment.
FRV has developed a total of six solar operating or committed projects in Australia with an accumulated investment of around USD 0.7 billion since 2012, it stated.