Acciona Joins Australian Solar Power Venture After BP Drops Out

Acciona SA, the Spanish renewable energy company, has joined Pacific Hydro Pty in a venture seeking Australian funds to build the Moree solar farm in New South Wales state after partner BP Plc dropped out.

Acciona will provide engineering and construction services to the solar-power project, while Pacific Hydro and Fotowatio Renewable Ventures will take up the ownership stake previously held by BP, Melbourne-based Pacific Hydro said in an e-mailed statement today. The venture will sign a power-supply accord with Pacific Hydro, which plans to start its own retail energy group, according to the statement.

While the partners in the proposed A$923 million ($987 million) solar plant won government funds last year, they failed to sign a power-purchase agreement in time to reach a December financing deadline. That prompted the government to reopen the funding competition to other bidders, including AGL Energy Ltd.

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