Origin Energy buys up to 900-MW solar development project in NSW

Australian electricity and natural gas company Origin Energy Ltd (ASX:ORG) said today it has acquired a solar farm development project approved to add up to 900 MW of capacity in New South Wales.

Financial details about the purchase were kept under wraps.

The Yarrabee Solar Farm project was cleared by the New South Wales government at the end of 2018. Its initial stage envisages the installation of a 450-MW plant in the state’s Riverina region, to be interconnected with the Transgrid transmission network.

Origin Energy said it will now work to progress development activities and reach a final investment decision over the next couple of years.

The Yarrabee project was co-developed by Reach Solar Energy and PwC Australia.

The acquisition is aligned with Origin Energy’s plans to grow the renewable energy capacity in its power generation portfolio. The power and gas company recently bought a 74-MW solar park project in Victoria in support of the strategy.

“More broadly, the team continues to focus on the multi-gigawatt opportunity to grow renewable energy and storage, through developing greenfield sites or acquiring advanced stage pre-construction renewable projects like Yarrabee,” said Greg Jarvis, Executive General Manager Energy Supply and Operations at Origin Energy.

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