UPDATE - RCR bags USD-248m Aussie solar contract

Australian engineering firm RCR Tomlinson Ltd (ASX:RCR) has won a contract worth roughly AUD 315 million (USD 248m/EUR 211m) to build and operate the 150-MW Daydream and 50-MW Hayman solar parks in Queensland.

The projects have been developed by Australian firm Edify Energy. It was just announced that a private fund managed by BlackRock Real Assets has taken a 90% stake in them. Construction is starting in the current quarter.

RCR today said it will be in charge of the engineering, procurement and construction (EPC) of the solar parks in Collinsville and interface works to the project substations. Once operational in 2018, the company will also undertake operations and maintenance (O&M) of the solar power plants for a term of 10 years. It has an option to extend that by an additional five.

The order book of RCR includes over half a gigawatt of large-scale solar projects and more than a gigawatt is being developed or progressed under early contractor involvement processes. “Over the mid to long-term we expect to see the large-scale solar market continue to grow,” said CEO Paul Dalgleish.

Australian utility Origin Energy Ltd (ASX:ORG) on Thursday announced that it has signed a power purchase agreement (PPA) for Daydream’s output and green certificates through 2030. Hayman’s solar power, on the other hand, will be sold to the grid on a merchant basis.

The Clean Energy Finance Corp (CEFC), Commonwealth Bank of Australia (ASX:CBA) and Natixis (EPA:KN) are providing long-term debt finance for the projects.

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