KEPPEL RENEWABLE ENERGY TO DEVELOP LARGE-SCALE SOLAR FARM IN AUSTRALIA

December 24, 2020

Keppel Renewable Energy, a wholly-owned subsidiary of Keppel Corporation, has signed an agreement to acquire a 45% stake in Harlin Solar to develop a large-scale, greenfield solar farm in Queensland, Australia. This is Keppel Renewable Energy’s first solar farm project. It is in line with Keppel’s Vision 2030, which puts sustainability at the core of the Group’s strategy, and envisages the Group growing its renewable energy portfolio as it contributes to the accelerating energy transition.
Keppel Renewable Energy’s partners in Harlin Solar are Mr Anthony Youssef, a veteran developer in Queensland, Australia, as well as New Energy Development, an Australian Renewable Energy company involved in projects globally. The acquisition is subject to approval by Australia’s Foreign Investment Review Board.
Keppel Renewable Energy will acquire the 45% stake for a nominal sum of AUD$540 (approximately S$545). In addition, it will provide a loan of up to AUD$3.24 million (approximately S$3.28 million) to Harlin Solar for funding development costs of the project.
Keppel Renewable Energy will take the lead role in the development and management of the construction and operation of the solar farm. This includes undertaking the grid connection studies, assessing the site and technology requirements, sourcing for off-takers as well as project management of the EPC (Engineering, Procurement, Construction) of the solar farm.
The project will be located on a more than 2,000-ha site. To maximise energy yield, Keppel Renewable Energy intends to employ the most modern solar module technology such as bifacial panels as well as adopt single axis trackers, which will enable the panels to follow the path of the sun. Expected to have a capacity of at least 500 MW, the project will generate enough energy to power more than 142,000 average Australian homes. This would mean a saving of some 800 kilotonnes of carbon emissions per year as compared to the power generated for the current Queensland energy grid.
Construction of the solar farm is projected to commence in 2022 and be completed in 2023.
(Source: Keppel)