Solar future for La Trobe Valley
Large scale sole joint venture backs post-coal transition for La Trobe Valley
Octopus Australia and the CEFC have joined forces to develop renewable energy assets that will help the Gippsland region power its transition into a green superpower. The developments aim to deliver clean energy to the National Electricity Market, to help replace the fossil fuel supply that will be lost when the Yallourn coal fired power station closes.
As the first renewable energy projects to be built at scale in the region, the Perry Bridge and Fulham solar farms symbolise how the region can be transformed into a green energy powerhouse for the 21st century.Sam ReynoldsManaging Director, Octopus Australia
The CEFC is backing the development of the proposed 44 MWac Perry Bridge and 80 MWac Fulham solar farms, in a landmark joint venture with Octopus Investments. Octopus Australia and the CEFC have purchased the rights to develop the two projects from local Gippsland based developer Solis Re, and the three parties will be working closely together to bring the projects to financial close. The CEFC commitment to these development stage assets is $850,000.
Octopus Investments Australia is a subsidiary of the Octopus Group. Founded in 2000, it is one of the world’s largest investors in clean energy with over $6 billion deployed across more than 300 projects. Octopus entered Australia in 2018 and is currently managing over $1 billion of renewable assets domestically.
The Perry Bridge and Fulham solar projects offer an exciting new pathway for the Gippsland community to benefit from the clean energy economy and will have a welcome impact following recent bushfires, drought and the decline of local industries including timber and coal-based generation.
The two solar farms, set across some 700 acres, are expected to generate enough clean energy to power 51,000 homes, avoiding emissions equivalent to taking 92,000 cars off the road.
Battery storage installations are expected to deliver a up to a combined 130 MW hours of energy storage.
The solar farms are aiming to showcase the ability of sheep grazing and solar farming to co-exist, providing a diversified revenue stream to local landholders.
Energy generated from the two developments will contribute to a cleaner, low emissions National Energy Market.