ACEN Australia takes FID on 400-MW solar project

Renewables company ACEN Australia said on Monday that it has taken the final investment decision (FID) on the 400-MW Stubbo Solar project in New South Wales.

The decision comes after the company secured an AUD-800-million (USD 518.5m/EUR 516.9m) commitment from the parent group ACEN Corporation (PSE:ACEN), the listed energy platform of Philippine conglomerate Ayala Group, towards the construction of the project. At the end of October, ACEN secured AUD 75 million from the Clean Energy Finance Corporation for the renewables development in Australia.

Other recent milestones in Stubbo Solar’s evolution include the execution of a contract for the supply of PV panels and the signing of an agreement with Australian energy services provider Lumea Pty Limited for the solar plant’s connection to the power grid, ACEN Australia said.

Stubbo Solar is sited within the Central-West Orana Renewable Energy Zone in the Mid-Western Regional Council region. The project’s development approval also includes provisions for a 200-MWh battery energy storage system, the firm said.

Anton Rohner, CEO of ACEN Australia, said of the FID achievement:

“This will be ACEN Australia’s second 400 MW solar farm following the construction of New England Solar which is currently being commissioned. Again we have been able to close and commit to a project on a merchant basis and, in the case of Stubbo, do this on our balance sheet.”

Construction is due to start in late 2022.

(AUD 1.0 = USD 0.648/EUR 0.646)

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