Sun shines brightly on massive growth at Pacific Hydro
23 November 2016
An agreement signed between Pacific Hydro and a north Queensland landholder signals the beginning of Pacific Hydro’s foray into utility scale solar with the potential to harvest up to 1GW of power from the sun.
Meanwhile, in central Queensland, a different group of landholders from Clarke Creek (200km south of Mackay / 190km north of Rockhampton) signed an option to purchase land suitable to produce another 200 MW.
SPIC’s commitment to rapid growth in Australia has already seen the purchase of Taralga Wind Farm in New South Wales within the first 100 days of ownership, commencement of construction at its Yaloak South Wind Farm site in Victoria and now its entrance into the Queensland solar market.
“The signing of these agreements today places Pacific Hydro in a magnificent position to plan for and develop what could be Australia’s largest solar farm and more than double the size of the company in one hit”, said Pacific Hydro’s CEO, Mike Fuge.
“This is a giant leap forward for both SPIC and Pacific Hydro, and a very exciting prospect which we hope will trigger major investment and jobs in North Queensland and make a significant contribution to the Federal Renewable Energy Target”, he added.
A period of intensive planning and assessment is expected to commence immediately as well as consultation with key stakeholders to ensure the project maximises its potential to gain development approval.
Earlier this year, Pacific Hydro was purchased by State Power Investment Corporation (SPIC) through State Power Investment Overseas of China (SPIC Overseas), after participating in a highly competitive international sale process.
SPIC is one of the top five power generation groups in China, and ranks first in the world in solar with over 5GW of capacity. SPIC has been a Fortune Global 500 company for four consecutive years, with US$119.36 Billion total assets and a total installed capacity that exceeds 100 GW.