Suntech, Infigen Propose $792 Million of Australian Solar Farms
Suntech Power Holdings Co. and Infigen Energy propose building four solar energy farms in Australia’s New South Wales state that would cost A$780 million ($792 million), documents filed with the government show.
The Chinese solar-panel maker and the Sydney-based renewable energy company have applied for funding from the Australian government’s A$1.5 billion Solar Flagships program. Infigen expects a decision on that funding in the first half of 2011, spokesman Richard Farrell said by phone today.
“Most renewable energy projects require a fair degree of funding,” Farrell said. “As you develop into utility-scale projects, you’ll need support from governments.”
The companies are planning projects in a country that gets more than 80 percent of electricity from coal-fired generators. Australia has set a target of sourcing 20 percent of its power from renewable energy by 2020.
New South Wales is seeking public comment on proposals for a 100-megawatt solar farm in Nyngan that has the potential to generate enough renewable energy to power 20,000 homes and a 60- megawatt project in Moree, the state said in a Nov. 3 statement.
Those solar farms in northwestern New South Wales are estimated to cost A$300 million and A$180 million, respectively, documents filed on the state planning department’s website show. The companies also propose a 50-megawatt, A$150 million farm at Manildra and a 50-megawatt, A$150 million project at Bungendore, the filings show.
Infigen is also investigating a site in Mildura, in Victoria state, for a potential solar farm, according to its website.
With the Nyngan venture, the reduction in greenhouse gas emissions would be equivalent to taking 30,000 cars off Australian roads a year, New South Wales said this week.
Infigen, which has declined 48 percent in Sydney trading this year, fell 0.7 percent today to 73 Australian cents. The benchmark S&P/ASX 200 Index rose 1.2 percent. Suntech has dropped 47 percent in New York this year.
To contact the reporter on this story: James Paton in Sydney jpaton4@bloomberg.net.
To contact the editor responsible for this story: Amit Prakash at aprakash1@bloomberg.net.
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