ESCO Pacific sells shovel-ready PPA-backed 110 MWp Moura Solar Farm (QLD)

ESCO Pacific is pleased to announce it has completed the sale of its Moura Solar Farm (QLD) with European investor Mytilineos SA (RIC: MYTr.AT, Bloomberg: MYTIL.GA, ADR: MYTHY US). The Moura Solar Farm is backed by a long term PPA and is shovel-ready with a committed grid connection. Construction activities will commence shortly.


The 110MWp project is located in Banana Shire in Queensland and has been developed by ESCO Pacific from initial site identification though to its current ready to build status.


The Moura Solar Farm benefits from a long-term power purchase agreement ("PPA") with CS Energy Limited for the supply of renewable energy and green certificates. The energy will ultimately be delivered to the Queensland State Government's large sites as CS Energy's end customer.


ESCO Pacific will remain involved in the project through the provision of construction management and long-term asset management services.


The Moura Solar Farm is among 6 projects that ESCO Pacific has now successfully developed and delivered to market and brings its total portfolio of operational and committed projects to 681 MWp. ESCO Pacific has a further project pipeline of over 1GW across the  NEM, and  is the asset manager for a 540MW portfolio of utility scale solar projects.


Steven Rademaker, Managing Director of ESCO Pacific, said that:

"Achieving this milestone on our Moura Solar Farm is a fantastic outcome for ESCO Pacific, bringing our developed project capacity to 681MWp of utility scale solar in Australia  and  cementing  our position as one of the leading developers in the market.


Our team has again shown that we can deliver high quality assets to  market and successfully deliver on our business plan. I would also like to thank the entire team at CS Energy for their support and hard work in transacting on the PPA.


Further, we are delighted to be working with our equity and construction partner on this project, Mytilineos, and we look forward to construction activities now commencing.


CS Energy CEO Andrew Bills said:


"CS Energy is excited to see the Moura Solar Farm reach this milestone as the project forms an important part of our growing portfolio of renewable energy offtakes. We look forward to our Queensland Government customers enjoying the benefit of this green generation once the project is completed"


This acquisition brings MYTILINEOS' Australian portfolio to 400MW, having recently announced the acquisition from ESCO Pacific of the 75MW Wyalong Solar Farm in New South Wales, and having acquired in 2019 a portfolio of six projects in New South Wales and Queensland, of which three (totaling 120MW) are currently under construction. METKA EGN which is part of the MYTILINEOS group, is deeply experienced across the full range of solar power applications, ranging from stand­ alone solar parks and storage applications to complex hybrid projects. METKA EGN has significant EPC experience and engineering capability essential for the  successful  integration of solar power to the grid. As project developers, METKA EGN has the experience and capacity to support solar PV and energy storage from inception, through the development and construction stages and for the complete lifetime of the project.


Nikos Papapetrou, General Manager of the RSD Business Unit of MYTILENEOS stated: "We are pleased to partner with a professional developer like ESCO Pacific in Australia. The acquisition of Moura Solar Farm in addition to our recently announced acquisition of Wyalong Solar Farm consolidates our position in the Australian market."


The investment is expected to create over 150 construction jobs in the local area in Queensland. The solar farm will generate energy to power approximately 40,000 Queensland homes."

About ESCO Pacific

ESCO Pacific is one of Australia’s leading ground mounted solar farm developers and operators with over 496MW of projects currently operational, 185MW committed and in construction and a further 1.1GW in advanced stages of development. Shell acquired a 49% interest in ESCO Pacific in December 2019. The ESCO Pacific team is comprised of infrastructure, development, grid connection and finance professionals with market leading experience in developing, and delivering to market, high quality utility scale solar farms.


About Mytilineos

MYTILINEOS S.A. is a leading Greek industrial company active in Metallurgy, Power & Natural Gas, Renewables & Storage Development and Sustainable Engineering Solutions. Established in Greece in 1990, the Company is listed on the Athens Exchange, has a consolidated turnover in excess of €2.3 billion and employs directly and indirectly more than 3,600 people in Greece and abroad.


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