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Publish Date : 06-Feb-2017

The Clean Energy Finance Corporation (CEFC) of Australia has come forward to help develop three regional NSW solar farms with a joint capacity of 110MW to help the country realize its green energy goals.

The Corporation has offered $150 million to facilitate the financial close of these solar farm projects, construction of which will be started soon.

The CEFC on Wednesday has announced that the investment to speed up the development of the three major solar farm ventures represents its highest pledge so far made to the large-scale solar sector of Australia, and the maiden deal for debt funding as part of its large-scale solar financing scheme.

With this move, the project trio, owned by Neoen, will be able to start construction of a 25MW farm in Dubbo, 55MW in Parkes and 30MW in Griffith.

Upon completion, these three Neoen-owned projects, which have earlier secured $16 million in grant funding via the major solar funding round of ARENA, will help NSW improve its solar power capacity by over 50%.

The CEFC along with ARENA has made announcement on this development, while the latter has also declared its own strategy to give $20 million in funding to the winners of a new tender for demonstration projects as part of its Advancing Renewables Program.

Issuing a joint release, the entities have revealed that the Premier Malcolm Turnbull today has made a request to both the organizations to give attention on promoting the development of flexible capacity and large-scale storage projects in Australia, while the country moves into a carbon-efficient electricity market segment.

Gloria Chan, the solar program lead of the CEFC, has disclosed in a statement that Australia still has a large investment gap in its renewable energy space despite increase in private investment into this key industry.

Chan revealed, The CEFC is working to close (that gap) so we can meet the Renewable Energy Target.

The official has also stated that the green bank, with a significant pipeline of solar energy projects, has been interested for funding.

She further said, When fully deployed, our program will represent the largest lending commitment to the large-scale solar sector in Australia to date.

Chan added, Through this program we have seen a significant reduction in the cost of solar energy to the point where it is very competitive with other forms of electricity generation.

According to a CEFC issued statement, the Neoen solar farms have also been participated by a new energy off-taker in the solar industry, subsequent to the companys signing of PPAs with Engie to sell energy that the Parkes and Griffiths power plants will produce.

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