Origin Energy to buy whole output from new Queensland solar farm

Origin Energy signs up for output from new Queensland solar farm, The Age, May 4, 2016 Angela Macdonald-Smith Energy Reporter A 13-year deal signed by Origin Energy to buy all the electricity produced at a new 100 megawatt solar project in north Queensland has accelerated the recovery of the renewable energy sector after a stalling in new investment over the past two years.

The contract, which will have Origin buy both the output and the renewable energy certificates generated by the Clare Solar Farm, also underscores how large-scale solar is improving in competitiveness, catching up with wind power…….

The Clare project will be built by Spanish company Fotowatio Renewable Ventures at a site 35 kilometres west of Ayr. Production is due to start next year and Origin will buy all of the output until 2030.

The deal follows Origin’s commitment in March to buy the output of FRV’s 56MW Moree solar farm, a project that is already in production in northern NSW. It has also applied for government funding for its own solar project in south-east Queensland.

Origin is one of the biggest liable parties under the RET regulations, which requires it to buy an increasing proportion of renewable energy for its electricity retailing activities. The deal with FRV for the Clare output will take Origin’s portfolio of renewable energy generation and purchase contracts to more than 700MW.

Origin’s head of energy markets Frank Calabria said the cost of solar “is falling rapidly compared with other renewable resources”.

“Now is the ideal time to invest in solar and we have been actively looking for opportunities to diversify and add more renewable energy to our portfolio,” Mr Calabria said.

For FRV, the contract with Origin kicks off a third new investment in Australia, after the Royalla solar project in the ACT and the Moree venture. http://www.theage.com.au/business/energy/origin-energy-signs-up-for-output-from-new-qld-solar-farm-20160503-gollf5.html

May 6, 2016 - Posted by Christina Macpherson | Queensland, solar

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