Fotowatio Renewable Ventures (FRV), part of Saudi-based Abdul Latif Jameel Energy, has announced that its latest project in Australia, the Lilyvale solar plant, is now up and running.
The 100MW project is expected to reach full capacity in the coming months following a testing phase, the company said in a statement.
It is part of a strategy to significantly expand FRV’s international operations, with plans to invest $900 million in 2019.
Located in the Queensland Central Highlands region, the Lilyvale solar plant will generate enough power to supply 45,000 homes, while avoiding the emission of 175,000 tons of CO2 per year.
This is the fourth project connected by the company in Australia, with a total of 276MW under operation, it added.
Lilyvale is the second large-scale solar installation of FRV in Queensland and the project was financed with a group of banks comprising the Banking Group of Australia and New Zealand, the Bank of Tokyo and Mitsubishi and Sumitomo Mitsui Banking Corporation.
Carlo Frigerio, managing director of FRV in Australia, said: "Australia continues to be a key market worldwide for renewable energy investments. With projects like Lilyvale, FRV is delighted to participate to the country's ongoing energy transformation and transition to sustainability and care for the environment”
Fady Jameel, deputy president and vice chairman of Abdul Latif Jameel, added: "We are proud to announce this project milestone, and to be contributing to Australia’s drive for clean energy. Australia is a strong and promising market for FRV and Abdul Latif Jameel Energy, and we see significant potential to expand investment in the years ahead and spearhead the development of the sector in the country and further afield."
He said FRV has developed a total of six solar operating or committed projects in Australia with an accumulated investment of around $700 million since 2012.For all the latest energy and oil news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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