DP Energy Ltd. received development approval for a 375-megawatt clean energy project in South Australia.
The Port Augusta renewable energy park will have about 200 megawatts of wind power and 175 megawatts of solar energy. Capital expenditures to build the project could reach A$680-million ($521 million), according to an e-mailed statement by the the Cork, Ireland-based company.
“The state has great natural resources in both wind and sun coupled with a clear regulatory framework, an excellent case management service and a professional and independent planning assessment process,” Chief Executive Officer Simon De Pietro said.
Construction is expected to begin at the end of the first quarter in 2017 with commissioning planned at the end of 2018.
The developer is in talks with debt and equity providers in Australia, Canada, Europe and Asia, according to Andrew Smith, chief investment officer. He expects to reach financial close by the end of January next year.
DP Energy is likely to sign power-purchase agreements with large industrial companies with high electricity demand, he said.