February 14 (Renewables Now) - Fotowatio Renewable Ventures (FRV), part of Saudi Arabia’s Abdul Latif Jameel Energy, has secured the needed financing to realise the 85-MW AC Winton Solar farm project in the Australian state of Victoria.
The developer announced on Friday that Dutch lenders ING Groep NV(AMS:INGA) and ABN AMRO Bank NV have provided the funds, the amount of which was not disclosed.
In Victoria state’s 2018 public tender, FRV was awarded a 15-year support agreement by the local government for the project. The future solar farm will span around 250 hectares (617.8 acres) near the town of Benalla. According to the project’s official website, construction is expected to commence in the first quarter of 2020 and finalise in about 12 months.
The Winton Solar Farm will be connected to Australia’s National Electricity Market (NEM) to generate around 210 GWh of power per year. This much output is enough to power up 52,000 households and avoid the emission of some 150,000 tonnes of carbon dioxide (CO2) annually.