Origin Energy to buy power from 56 MW Moree Solar Farm
Origin Energy has signed up for a landmark 15-year power purchase agreement (PPA) with developer Fotowatio Renewable Ventures (FRV) to buy all electricity and large-scale generation certificates (LGCs) generated by the recently commissioned 56 MW Moree Solar Farm (MSF) in northern NSW.
MSF is the first large Australian solar project to use a single-axis tracking system, with 223,000 PV modules that follow the sun’s path from east to west to maximise the energy generated during the day. Having achieved first generation early last month, the farm is expected to produce approximately 145 GWh of energy annually — enough to supply around 24,000 Australian households — with a minimal variation in annual output of around 5%.
Under the terms of the PPA, Origin has contracted for 100% of the electricity generated and 100% of the renewable energy certificates (RECs) created from Moree Solar Farm. This will meet consumer demand for renewable energy and help meet Origin’s obligations under the federal government’s Renewable Energy Target.
The Australian Renewable Energy Agency (ARENA), which is providing $101.7 million funding support to the farm, has congratulated FRV on this milestone. ARENA CEO Ivor Frischknecht noted FRV reached financial close on MSF in July 2014 by being willing to sell electricity and LGCs in the spot market, instead of obtaining a power purchase agreement first.
“In doing so, FRV has pioneered an alternate PPA pathway for project developers in the development and construction phase of large-scale solar PV projects,” Frischknecht said. “This could encourage other renewable developers to consider taking on market risk, and therefore result in more large-scale renewables being developed.”
Minister for the Environment Greg Hunt also commented: “This is a significant milestone for the large-scale solar industry as it demonstrates that a developer can finance and build a large-scale solar plant in Australia without first securing a contract to sell the electricity generated by the plant.”
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