Thursday, March 22, 2012

Acciona Joins Australian Solar Power Venture After BP Drops Out

Acciona SA (ANA), the Spanish renewable energy company, has joined Pacific Hydro Pty in a venture seeking Australian funds to build the Moree solar farm in New South Wales state after partner BP Plc (BP/) dropped out.

Acciona will provide engineering and construction services to the solar-power project, while Pacific Hydro and Fotowatio Renewable Ventures will take up the ownership stake previously held by BP, Melbourne-based Pacific Hydro (PHY) said in an e-mailed statement today. The venture will sign a power-supply accord with Pacific Hydro, which plans to start its own retail energy group, according to the statement.

While the partners in the proposed A$923 million ($987 million) solar plant won government funds last year, they failed to sign a power-purchase agreement in time to reach a December financing deadline. That prompted the government to reopen the funding competition to other bidders, including AGL Energy Ltd.


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