Bomen Solar Farm acquired by Spark Infrastructure and signs PPA with Westpac
Renew Estate today announces two key milestones have been reached for the 120 megawatt (DC) Bomen Solar Farm project located near Wagga Wagga, NSW.
- Spark Infrastructure acquires 100% of Bomen Solar Farm and the construction contract awarded to Beon Energy Solutions
- Bomen Solar Farm signs a Power Purchase Agreement (PPA) with Westpac.
Bomen Solar Farm has been acquired from Renew Estate by Spark Infrastructure, an ASX top 100 listed company and leading owner of electricity network infrastructure in Australia. The project will be constructed by Beon Energy Solutions, a leader in the deployment of large-scale renewable energy and infrastructure projects, with extensive expertise in design, construction and commissioning.
Under the PPA, Westpac has committed to purchase just over a quarter of the solar farm’s output under a 10-year agreement. The supply agreement is the first step in assisting Westpac reach its commitment to source the equivalent of 100 per cent of its global electricity consumption through renewable sources by 2025. Spark Infrastructure and Westpac are partnering to provide a comprehensive community benefit package which includes $1m in support over the term of the contract for STEM scholarships, youth facilities, local biodiversity and vegetation regeneration projects.
Additionally, Bomen Solar Farm has an off-take arrangement in place with Flow Power, a leading business energy retailer in Australia, to purchase a portion of the power that will be generated by Bomen Solar Farm for up to 10 years. This will enable Flow Power to deliver low-cost, reliable sustainable energy to Australian business customers.
The Member for Riverina and Deputy Prime Minister, Michael McCormack, congratulated Renew Estate on reaching the financial close milestone.
“It’s fantastic to see Wagga Wagga, and indeed the Riverina, selected as the site for this exciting renewable energy venture.”
“It’s a great example of confidence in the region and will be a shot in the arm for the local economy, creating some 250 jobs during peak construction and providing for $1 million in community benefits over a decade, including STEM scholarships and environmental projects.
“And it demonstrates yet again that regional Australia is at the leading edge of technology and capable of hosting big projects which have state-wide and national benefits.”
At full capacity Bomen Solar Farm will add in excess of 200GWh (gigawatt hours) of clean energy into the national electricity grid with commercial operations expected to commence from Q2 2020.
Simon Currie, a Director of Renew Estate commented “It is very exciting that the Bomen Solar Farm has been chosen by Westpac for its first renewable energy PPA. Spark Infrastructure’s acquisition coupled with Westpac’s offtake enables us to deliver on our vision of developing the next generation of renewable energy projects in Australia. We are extremely proud of this project and are looking forward to seeing construction start on site.”
“Our vision has always been that Bomen Solar Farm should create a positive local legacy and deliver tangible economic benefits; we are delighted that Spark Infrastructure and Westpac are fully on board with this vision and share our values. “
Mark Hogan Managing Director of WIRSOL Energy, a major Shareholder of Renew Estate, said: “We are delighted to see Renew Estate reach two significant milestones for Bomen Solar Farm which will see the project deliver affordable solar energy to a number of iconic Australian businesses and homes throughout New South Wales. This project contributes to the ongoing development of Australia’s critical energy infrastructure and we are proud to be collaborating with companies such as Spark Infrastructure, Westpac and Flow Power that are aligned with our clean energy mission.”