Spanish multinational natural gas and electrical energy utilities company Naturgy Energy Group has made its 1st investment in the Australian solar PV market with the acquisition of the 'largest' DC-coupled hybrid solar and storage project in Australia through its joint venture (JV) with the Kuwait Investment Authority (KIA).
The JV, Global Power Generation (GPG) has purchased 125 MW DC/100 MW AC solar and 55 MW/220 MWh battery energy storage system (BESS) Cunderdin Hybrid Solar PV from Sun Bred Power (SBP).
The project is due to enter construction in Q4/2022 near Cunderdin in Western Australia and connected to the South West Interconnected System (SWIS) in Q1/2024.
"The innovative configuration of the integrated DC-coupled BESS improves energy conversion efficiencies and contributes to drive down solar-plus-storage costs in comparison with the conventional AC-coupled facilities," stated Naturgy.
While the project promotors are yet to zero in on an EPC contractor for the project, the BESS will be sourced from China's Sungrow.
Naturgy already operates in Australia through the JV in wind power domain. It targets to develop its renewables portfolio in the country to 2.2 GW by 2025.
Between 2021 and 2025, under its Strategic Plan, Naturgy aims to use 2/3rd of its targeted €14 billion investment on renewables to grow the operational capacity from 5.2 GW now to exceed 14 GW by the end of 2025, as it aims for emission neutrality by 2050 and have 60% of its installed capacity to come from renewables.
In January 2021, Naturgy entered the US renewables market having acquired Hamel Renewables with its 8 GW solar and 4.6 GW energy storage portfolio (see Naturgy Enters US Renewable Energy Market).
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