ET Solar Australia has secured an agreement with Clean Energy Finance Corporation (CEFC) for A$20 million debt financing with an aim to expand solar business opportunities in Australia.
ET Solar will provide approximately A$13.3 million in equity, while the CEFC will provide up to A$20 million in senior debt.
This debt financing is estimated to enable the construction of commercial Power Purchase Agreement (PPA) initiated solar projects.
The debt will be used to fund the infrastructure of solar systems being developed and to be owned by ET Solar.
ET Solar will own and operate solar systems ranging between 30 KW and 2 MW in size with various commercial users.
These commercial power users will enter into PPAs with ET Solar at a pre-fixed rate over a 10 to 20-year time limit to benefit from the lower utility costs as the PPA prices are lower than the current electricity prices.
ET Solar has a pilot commercial PPA project already in execution in Queensland, with a number of other similar projects being developed in the country.
Recently, ET Solar partnered with TechAccess to build as well as co-invest in two solar power plants totaling 21.5 MW in Pind Dadan Khan Region of Punjab at Pakistan.
Out of these two projects, one will be of 10 MW and the other will be of 11.5 MW.
The grid connection is projected to be completed in the first half of 2016.
In another development, ET Solar Solutions along with G-Systems and Elmor will be providing turnkey EPC service to a 40 MWp PV power plant in Israel.
Located in Kibbutz Ketura, the project is jointly owned by EDF-EN and Arava Power and is expected to generate over 70,000 MW of clean energy each year.
ET Solar provides project management, electrical design and plant layout, purchasing, quality control, construction supervision and commissioning services to this solar power plant.
Sabeena Wahid
editor@greentechlead.com