Lyon Group in $660m solar-storage project in Victoria
Source: Financial Review
Undeterred by the political argy-bargy over the Finkel Review, private equity-backed Lyon Group is launching a $660 million combined solar and storage project in north-west Victoria, the sort of investment it says will be at the heart of the future power grid.
To be built in the Sunraysia township of Nowingi the project is one of three ventures worth almost $2 billion that will be underpinned by what Lyon partner David Green describes as a "world-first" tender to utilities, retailers and energy users offering services from power-on-demand to frequency and network control.
"These things are happening despite governments, not because of them," Mr Green said. "The private demand for renewable energy can't be denied."
He said the weight of private capital coming to renewable energy had shifted the momentum in the sector, despite the political uncertainty over energy and climate policy in Canberra.
The Nowingi project's 2.3 million solar panels, with a capacity of 250 megawatts, will charge an 80 megawatt battery storage system able to run for about two hours, making it the world's second-biggest after the Riverland venture, announced in March. Construction will start in June, involving 250 jobs, with the project to be running in December.
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