$267 million for Kiwi solar farm: Lightsource bp and Contact Energy’s co-developed 168 MW DC solar farm in New Zealand has raised around NZD 267 million ($162 million). Financing for the Kōwhai Solar Park Project has been arranged from Westpac New Zealand, Mizuho, China Construction Bank and Intesa Sanpaolo – IMICIB. It will be one of the largest solar farms in the country with around 300,000 solar panels installed on completion. Construction on site is scheduled to begin in late-2024 and complete in 2026. The project forms phase I of the Christchurch Airport’s renewable energy precinct, Kōwhai Park, said Lightsource (see New Zealand’s Solar Power Market Getting Active).
600 MW AC solar & storage plant in Australia: ACEN Australia’s 600 MW AC solar PV and 600 MW/2 hour battery energy storage system (BESS) has secured clearance from the New South Wales Independent Planning Commission (IPC). The Birriwa Solar and Battery Project is the 1st generation and storage project approved for connection to the Central West Orana Renewable Energy Zone (REZ) transmission network, according to the company. Construction of the project is scheduled to begin in late 2026 or early 2027, and energy generation to commence from 2029. Sheep grazing on site will continue once the project is online. ACEN said its renewable energy development portfolio in Australia totals 13 GW, with more than 8 GW targeted to be in construction or operational by 2030.
Coal to solar in Philippines: Ayala Group-owned ACEN has signed a memorandum of understanding (MoU) with Temasek-founded decarbonization investment platform GenZero and Singapore-based global asset manager Keppel. The trio plan to jointly explore the use of carbon credits to finance the early retirement of the South Luzon Thermal Energy Corporation (SLTEC) coal-fired power plant (CFPP) in Batangas, the Philippines by 10 years (i.e. 2030). They plan to replace the 246 MW baseload of the CFPP with a mid-merit Integrated Renewables and Energy Storage System (IRESS) consisting of a solar plant and BESS. According to them, this will be one of the world’s 1st converted CFPPs to generate carbon credits if the plans materialize.
127 MW solar plant in New Zealand: The New Zealand-based electricity and natural gas retailer Genesis Energy has acquired a 127 MW solar farm in the Bay of Plenty from Helios Energy. Expected to go unconditional in Q2 FY 2025, the project is planned to come online in 2026. The final investment decision (FID) will determine if it is developed on balance sheet or through another structure. The site is consented, with grid connection agreements in place, it stated.
Solar consortium in Malaysia: Malaysia-based independent power producer (IPP) Constant Energy has entered a consortium with BayWa r.e. APAC and Sun Energy Ventures for 2 GW Large Scale Solar round 5 in Malaysia. These partners will work together on the 29.9 MW AC solar power plant for the round initiated by the country’s Energy Commission Suruhanjaya Tenaga (see Malaysia Launches 5th Bidding Round For Large Scale Solar). This project is part of the country’s National Energy Transition Roadmap (NETR) under which Malaysia targets to achieve 70% renewable energy capacity by 2050. It is planned to begin commercial operations by December 2027.
Westpac’s energy finance plan: The Clean Energy Finance Corporation (CEFC) has invested AUD 160 million ($107 million) to support the clean energy plan of Australian multinational banking and financial services company Westpac. The latter plans to fund at least AUD 320 million ($214 million) worth of loans to eligible customers to install energy efficient clean technologies, including rooftop solar panels and home batteries. The Westpac Sustainable Upgrades Home Loan will be available to eligible home loan customers for a ‘competitive’ variable rate for 4.49%/annum.
“The installation of more rooftop solar, home batteries and energy efficiency equipment will help manage household energy costs and unlock additional clean energy capacity. This means we can better manage energy demand and ultimately contribute to the creation of a stronger, more reliable and cleaner grid,” said CEFC CEO Ian Learmonth. The CEFC has made the funding through the Household Energy Upgrades Fund (HEUF).
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