John Laing partners with Maoneng to deliver one of Australia's largest solar farms
John Laing Group plc (“John Laing” or “the Company”), the international originator, active investor and manager of infrastructure projects, is pleased to announce it is investing in Sunraysia Solar Farm, the Company’s first solar project in Australia. When fully commissioned, the New South Wales site will be one of the largest solar farms in the Country.
The investment in this 255MWp project forms part of an APAC renewable energy portfolio that includes investments in the Kiata Wind Farm (VIC) and all three stages of the Hornsdale Wind Farm (SA). John Laing will invest AUD$108.6 million (£59 million) in the project, taking a 90.1% stake.
Sunraysia is located 17km south of Balranald and approximately 140km south east of Mildura. The project is scheduled to start later this year and will be fully operational in 2019. By investing at the pre-construction stage, John Laing is able to add value as the contractual arrangements, which will determine the solar farm’s future revenue and costs, are finalised.
Justin Bailey, John Laing, Regional Managing Director - Asia Pacific, said:
“We are very pleased to secure our first solar investment in Australia, further enhancing our renewable energy portfolio in the APAC region. After carefully evaluating a number of solar opportunities in the market over the last two years, we have invested in Sunraysia Solar Farm, an asset that supports our model to create value through the successful delivery of greenfield infrastructure.
“At the current rate of investment in new wind and solar power, Australia could reach 50% renewables in 2025, well ahead of many other industrialised nations. This will help the country to meet its Paris Agreement commitments to reduce greenhouse gas emissions by more than a quarter and we are glad be part of it.”
The Maoneng Group will retain a 9.9% interest in the Sunraysia Solar Farm and provide construction management and asset management services to the project.
Qiao Nan Han, Maoneng, Vice President - Australia, said that:
“The investment from John Laing is testament to the quality of the assets which we develop, together with the trust that’s required in delivering and operating the solar farm over a long term. Our strategies and objectives align, as we are ultimately looking to create sustainable social infrastructure that helps drive communities towards a progressive future.”
Please click here for link to RNS.