innogy revealed that the planned investment volume of the two projects Limondale and Hillston, including the sum to be paid for the acquisition of project rights would come to more than €400m.
Limondale will have a planned installed capacity of 347MWp and will be built at Balranald. On the other hand, Hillston will have a planned capacity of 115MWp and its location yet to be revealed.
The two solar projects, which will be built in New South Wales, are in a well-advanced development stage, said innogy.
Subject to approvals and other closing conditions, the transaction is expected to be completed in the second quarter of 2018.
innogy CEO Uwe Tigges said: “With the acquisition of two of Overland’s Australian solar development projects, innogy is entering into a strongly growing renewable energy market.
“This is a perfect fit with our strategy to deliver sustainable bottom line growth in accordance with innogy's financial targets to maximise value for the company and our shareholders. Execution of the two photovoltaic power plant projects is in line with innogy’s hurdle rate framework and funding capacity.”
Construction works at Limondale are likely to begin in the second quarter with commissioning to be done in a phased manner. Full commissioning of Limondale is aimed to be achieved by the end of 2019.
The second development, Hillston is likely to break ground by the third quarter, at the latest. Like Limondale, the Hillston solar plant is also aimed to enter full commercial operation by the end of 2019.
The German firm said that all land, planning and connection processes, arrangements and approvals along with detailed designs and construction arrangements are likely to be completed during the second quarter.
Belectric, a solar and battery storage specialist, which was acquired by innogy in January 2017, will handle the construction works of the two projects and also their operation and maintenance.
Image: innogy will buy the project rights of two solar projects to be built in New South Wales. Photo: courtesy of BELECTRIC/innogy.
