FRV wins the ACT solar PV auction

September 5, 2012

FRV, a global solar power company, has been awarded the right to develop a 20MW PV plant in the Australian Capital Territory (ACT) following its success in the reverse Feed in Tariff solar auction conducted by the ACT government.

FRV Royalla Solar Farm will comprise approximately 83,000 PV panels and generate enough electricity to supply approximately 4,500 Canberra homes.

Australian Capital Territory (ACT) Minister for Environment and Sustainable Development Simon Corbell MLA announced today that FRV had been awarded the right to build a 20 megawatt (MW) photovoltaic (PV) facility in the ACT following it success in a reverse auction for a 20 year Feed in Tariff entitlement.

This project — that will be built at Royalla, 23 kilometers south of Canberra CBD — is part of the ACT Government’s sustainable energy policy to promote the greater use of solar power in Canberra.

Construction of the plant is due to begin in 2013 for completion in 2014 subject to environmental assessment and approval of the project by the ACT. The required Federal environmental approval has already been granted.

Once completed, the Royalla solar farm will comprise around 83,000 PV panels and generate enough electricity to fully power approximately 4,500 Canberra homes and at the time of completion will be one of the largest solar projects in operation in Australia.

The project will deliver significant benefits to the local economy including job creation during the construction phase and ongoing operation.

FRV is a leading worldwide solar company with active presence in Australia, South Africa, LatinAmerica, Middle-East and Europe. Since 2006 it has participated in the development of more than 1.5 GW, having completed the construction, operation, maintenance and financing of over 360 MW of photovoltaic and CSP solar energy plants.

With a world class team, FRV has successfully financed approximately USD 2 billion of solar projects globally with more than 20 leading international banks.

Country Manager of FRV Australia, Mr Andrea Fontana, said “I would like to thank the Australian Capital Territory Government for supporting this project, which represents an important step in our long-term commitment in Australia.

“FRV brings a high level of unique know how and expertise to the Australian market with a proven global track record of developing, constructing and delivering large scale solar power projects.

Mr Fontana commented that “The tendered Feed in Tariff is flat, not CPI adjusted, and has a duration of 20 years. We believe that this program will make a strong contribution to accelerating Australia’s transition to a lower carbon emitting economy.”

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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.

Gianfranco Carassale

Lead Investment Officer, Inter-American Investment Corporation (IIC)

They are known for their expertise in solar technology as well as for their deep knowledge of the process, the financial structure and the energy market as a whole. This enables them to be extremely competitive. This way they reach efficiency and maximize profits, developing economically viable projects even at very tight and ambitious price targets.

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.