Both projects, 20 MW Chinchila Solar Farm and 34 MW Brigalow Solar Farm, are on a fully merchant basis. Combined, the projects constitute nearly AUD$70m in capex.
The projects have been acquired by Impact Investment Group for their Solar Asset Fund. EPC services are being provided by Gildemeister Energy Services and senior debt for one of the projects was provided by Infradebt.
Svante Kumlin, founder and CEO of EEW, says “We are happy to announce that another milestone has been reached by EEW. It’s been challenging to develop merchant solar in Australia, but our innovative and hardworking team has delivered on our target. We believe this is the new business model for renewables and will enable subsidy free renewables to out compete carbon energy in Australia and elsewhere in the world.”
EEW’s other projects in Australia are progressing well and the company is expected to soon announce reaching financial close on the remainder of its 900MW ready to build solar projects.