It plans to start construction on 175 MW of PV and 200 MW of wind capacity near the city of Port Augusta by the second quarter.
DP Energy Chief Investment Officer Andrew Smith described the appointment of EY and Baker & McKenzie as advisors as a crucial step toward reaching financial close on the A$700 million ($532.8 million) project by the end of the first quarter of 2017.
This hybrid renewable energy solution has the potential to deliver a range of benefits to the South Australian market, said Matt Rennie, global head of transactions for EYs power and utilities division.
Cork-based DP Energy secured state-government approval for the project which will generate generate 1,000 GWh of electricity per year upon completion in early August.
It claims that the wind resource at the site just south of the centre of Port Augusta will peak in the early evening, due to differences between sea and land temperatures.
It has yet to reveal PV module and turbine suppliers for the project, which will be one of the largest hybrid PV/wind installations in the southern hemisphere.