More than 26,000 energy efficient homes in Australia to be powered by the sun
Kidston Solar Project will provide Queensland, Australia with reliable and affordable supply of renewable energy around the clock from Q1 2018.
Kidston Solar Project is the first phase in the development of the Kidston Renewable Energy Hub, a 50 megawatt Solar Farm project located approximately 280km northwest of Townsville in Queensland, Australia. Deemed as one of the highest solar radiation areas in Australia due to strong exposure throughout the year, the project is developed by Genex Power Limited and is the first solar farm to begin construction under Queensland Government’s Solar 150 program which encourages new large scale renewable energy projects.
Once completed, the first phase will produce approximately 145,000 megawatt hours of renewable energy each year, providing enough energy to power 26,484 Australian homes, offsetting 120,000 tonnes of carbon dioxide per annum, which is the equivalent to removing up to 33,000 cars off Australian roads. This shift to renewable energy will help Queensland Government achieve its target of 50% of electricity supplied by renewable sources by 2030, and help achieve the Australian Renewable Energy target of 33,000 gigawatt hours of electricity sources from renewable sources by 2020.
Genex Managing Director Michael Addison said “Societe Generale’s expertise and professionalism was critical to the successful development of the Kidston Solar Project. Their strong advisory capability, combined with a deep understanding of the renewables energy space, was instrumental in guiding Genex through its first project financing. Genex looks forward to continuing its association with Societe Generale as it develops Stage 2, the world’s first integrated solar and pumped storage hydro project.”
Societe Generale played a key role in the financial transaction of AUD 100,118,187. The project was supported by leading renewable energy corporations, such as the Clean Energy Finance Corporation’s support with debt finance together with Societe Generale and a 8.9 million grant funding from the Australia Renewable Energy Agency.
Daniel Mallo, Head of Energy, Infrastructure, Metals & Mining Finance, Asia Pacific:
“Kidston Solar is a highly visible project finance deal in Australia and is the first greenfield solar project that Societe Generale has closed in the country. Kidston Solar is a great example of Societe Generale’s commitment to further the development of renewable energy in the country. This successful transaction is yet another addition to our portfolio of renewable energy projects in the region as we step up our support to projects that focus on cleaner power solutions and a successful energy transition.”
Societe Generale has closed the financing of 6 renewable energy projects in Australia since the beginning of 2017, spanning solar and wind. These include Kidston Solar Project, Manildra Solar Farm, Bungala Solar Photovoltaic Project, Hornsdale Wind Farm Stage 3, Silverton Wind Farm and Mount Emerald Wind Farm.