FRV Achieves Financial Close for 70 MWp in Australia

November 7, 2014

Project will be one of the largest in Australia, powering the equivalent of nearly 15,000 New South Wales homes and abating approximately 95,000t of CO2 emissions annually

Fotowatio Renewable Ventures (FRV), a leading global solar development company, today announced the financial close of the 70 megawatt (MWp) Moree Solar Farm (Moree). Construction will begin immediately, marking the first large scale solar project in Australia that will utilize mechanical devices (trackers) to continually orient its solar panels with the sun to increase their power output each day.

Moree will also be one of the largest solar projects in Australia. Once completed it will produce enough electricity to power the equivalent of nearly 15,000 New South Wales homes and abate nearly 95,000t of carbon pollution each year.

The project is funded by the Australian government through a grant of AUD 101.7 million from the Australian Renewable Energy Agency (ARENA) and debt on commercial terms from the Clean Energy Finance Corporation (CEFC). It is also supported by the Australian government’s existing Renewable Energy Target (RET), which has already delivered significant investment in new clean energy projects in Australia. The RET ensures at least 41,000 gigawatt hours of Australia’s energy demand is met by renewable energy by the year 2020.

“This is a significant and exciting moment for large scale solar in Australia. This project is not only an opportunity to develop a large scale solar project which helps meet the energy needs of Australia by providing renewable power, it also will enhance the possibilities of additional large scale solar projects in Australia, by providing a framework others can follow.”

“We would particularly like to thank ARENA and the CEFC for their commercial support and Moree Plains Shire Council, Moree community and the NSW government who all have supported the project since its inception.” said FRV CEO, Rafael Benjumea.

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Scott Mackin

Managing Partner and Co-President, Denham Capital

We’ve greatly enjoyed our collaborative relationship with the team and look forward to seeing FRV continue its success in the future.

Marko Kremer

Senior Director, DIF Australia

FRV’s main strength is its ability to develop all processes internally. This provides the knowledge and capacity to anticipate what will happen and explain it clearly.

Rafael Benjumea

Founder, FRV

At FRV we have a strong commitment to the economic and social development of the markets and communities in which we operate, and we are pleased to be able to deliver on this commitment through this innovative program.