First Solar (Nasdaq: FSLR) today commences construction of Australia’s largest utility-scale solar project, a 250 hectare solar plant in Nyngan, New South Wales (NSW). Less than six months after AGL Energy Limited achieved financial close for project, First Solar today breaks ground on the installation of approximately 1,350,000 advanced thin-film photovoltaic (PV) modules. Once installed, First Solar’s modules will generate clean, renewable energy with no emissions, waste or water consumption during operation.
In addition to construction, First Solar is also providing engineering and procurement services for the project and will provide maintenance services for a period of five years post commissioning. Expected to be completed in mid-2015, the project will produce 102 MW AC – enough electricity to power more than 33,000 average NSW homes. The solar energy supplied will abate more than 203,000 tonnes of carbon dioxide every year, the equivalent of taking more than 53,000 cars off Australia’s roads.
“Breaking ground at the Nyngan solar project is a significant milestone for the advancement of Australia’s utility-scale solar industry,” said Jack Curtis, First Solar’s Vice President of Business Development for Asia Pacific. “Each project that First Solar constructs builds acceptance of and confidence in utility-scale solar as an effective source of power generation in Australia. As the Nyngan project develops, we look forward to seeing its impact, not only in generating important local job opportunities, but also in strengthening the solar industry’s position within Australia’s energy mix.”
First Solar expects to create an estimated 300 direct construction jobs during the building of the Nyngan solar plant. Additionally, the company is engaging with a number of local contractors and will make announcements as contracts are issued. In total, the Nyngan solar project is expected to add nearly 2 per cent to the gross regional product of the community.The Nyngan solar plant is the first of two utility-scale solar projects to have received funding by the Commonwealth Government through the Australian Renewable Energy Agency (ARENA) and the NSW Government. First Solar expects to commence construction of the second project in Broken Hill, NSW, in mid-2014.
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV