Australia to go ahead with A$450 million solar energy project

SYDNEY, June 9 Sat Jun 9, 2012 12:51pm IST

Related Topics

Stocks

   

SYDNEY, June 9 (Reuters) - Australia will go ahead with a A$450 million ($446 million) large-scale solar energy project to be built at two sites in New South Wales state, Resources Minister Martin Ferguson said on Saturday.

The 159 megawatt project will be undertaken by solar photovoltaic manufacturer First Solar and gas retailer AGL Energy and should be completed by the end of 2015, Ferguson said in a statement.

The project will benefit from a government grant of nearly A$130 million, announced on Saturday, and will be built at the inland towns of Broken Hill and Nyngan. It should produce enough electricity to power about 30,000 homes, the minister said.

Ferguson said the project represented excellent value for money, and said the cost of producing photovoltaic energy had gone down a lot. It was an opportunity to bring industrial scale solar energy to market, he said.

“"At the end of the day it all comes down to cost, and if large scale solar is going to succeed in Australia it has to be cost competitive," Ferguson said. (A$=$0.99)

ENDS

FILED UNDER:
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared
BSE Sensex rises over 1 percent on reforms, election boost

BSE Sensex rises over 1 percent on reforms, election boost

The BSE Sensex and Nifty rose more than 1 percent on Monday to mark their biggest daily gain in more than one week after the government's energy reforms led to a rally in oil firms, while wins by Prime Minister Narendra Modi's party in two state elections raised expectations for additional reforms.  Full Article 

REUTERS SHOWCASE

Indian State Media

Indian State Media

Controlling the message: Modi chooses state media  Full Article 

ONGC Stake

ONGC Stake

Govt meeting bankers to discuss share sale in ONGC - source  Full Article 

Gold Curbs

Gold Curbs

Finance Ministry wants to reimpose curbs on gold imports - ET  Full Article 

World Stocks

World Stocks

Shares advance on strong data, earnings  Full Article 

IBM Chip Unit

IBM Chip Unit

IBM to pay Globalfoundries to take chip unit  Full Article 

Eyeing Reebok

Eyeing Reebok

Investor group aims to buy Reebok unit - WSJ  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage