‘Having WIRSOL as a partner in Maryvale confirms the quality of our assets and will allow us to accelerate our growth in renewables within the framework of an efficient and sustainable energy transition and with the goal of adding over 500 MWp of PV generation capacity before the end of 2024,’ said Michael Gartner, CTO and Country Manager Australia of Photon Energy Group.
Maryvale Solar Farm is located in the NSW Central-West Orana Renewable Energy Zone, which is earmarked to unlock up to 3 GW of network capacity by the mid-2020s.
By the transaction Photon Energy Group will immediately realise a capital gain in the amount of EUR 0.5 million, which will be reflected in the Group's Q4 2021 financial statements. In addition, the agreement foresees another two milestone-related payments for the Company upon successful completion and commissioning of the project by the Investor.
Following the project exit, Photon Energy Group plans to fully focus its future project development activities in Australia on large utility-scale projects based on the unique RayGen technology that combines PV Ultra solar co-generation and electro-thermal energy storage technologies.
