ACE Power, financed by the German investment holding Pelion Green Future, has recently entered the Australian renewable energy market, with a pipeline of approximately 1.3 GW of solar, wind and battery storage projects. The company’s operations will span across the development, construction, ownership and operation of renewable energy assets.
The company has 10 renewable energy projects planned across four states. The largest facility is expected to be the Loxton solar project in South Australia with a capacity of 277 MW. Four solar projects have been already received planning approvals. These include the 140 MW Kerang and 52 MW Tatura East solar farms in Victoria, and the 129 MW Burdekin and 72 MW Mareeba solar farms in Queensland. Other projects include the 108 MW Yabula Solar Farm in Queensland, the 71 MW Red Cliffs Solar Farm in Victoria, and the 150 MW Narrabri and Forbes solar farms and 150 MW Jones Creek wind farm in New South Wales. These farms will establish battery energy storage systems as well.
The solar and wind portfolio has been purchased from the Australian renewable energy developer CleanGen Projects. The projects are expected to generate more than 2,700 GWh of green energy annually. The energy generated would be enough to meet the energy consumption of over 450,000 homes or equivalent to reducing 624,000 cars off the road. The project portfolio is likely to be completed between 2024 and 2025.
REGlobal’s Views: Australia with its immense renewable energy potential is becoming a favorable investment destination. Many large global developers are entering this market which provides a host of opportunities in sectors like wind, solar, energy storage and hydrogen.
