The 80MW (AC) Oakey Solar Farm in south-east Queensland is expected to deliver enough renewable energy to power around 24,000 homes, while using forecasting technology that will help enhance grid stability and energy reliability.
Oakey Solar Farm is being developed in two stages and the CEFC has committed finance to both stages - $19.5 million for Oakey 1 which is currently under construction, and $55 million to the adjacent Oakey 2. When complete, the project will be battery ready.
As part of the CEFC's investment in Oakey 2, equity sponsor Foresight Solar Fund Limited will be collaborating with the Australian Energy Market Operator (AEMO) to install suitable five-minute forecasting technology that can assist AEMO with enhancing grid stability as Australia transitions to higher penetration of renewables.
Oakey 2 is being developed for Foresight by Canadian Solar on an uncontracted or merchant basis and is expected to be constructed and grid connected by the end of 2018. Oakey 1 secured an offtake agreement from the Queensland Government as well as funding support from the Australian Renewable Energy Agency.
Oakey Solar Farm is on agricultural land and provides the local land owners with the opportunity to improve the resilience of their farming operations by generating an additional source of income through long-term leasing.