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:

Reuters Showcase

Markets Weekahead

Markets Weekahead

Column - Caution advised in a trader’s market  Full Article 

Reuters Poll

Reuters Poll

RBI seen holding rates steady on Tuesday, minority of analysts expect cut  Full Article 

GDP Revised

GDP Revised

Economic growth revised up by almost 50 percent  Full Article 

Australian Open

Australian Open

Hingis wins Australian Open mixed doubles title with Paes   Full Article 

Houston's Daughter

Houston's Daughter

Bobbi Kristina Brown revived after found unresponsive in tub  Full Article 

India Art Fair

India Art Fair

Art fair turns India's capital into art hub.  Full Article 

Movie Review

Movie Review

"Rahasya" is an ode to Agatha Christie.  Full Article 

Review: Hawaizaada

Review: Hawaizaada

Movie Review: Hawaizaada  Full Article | Related Story 

Reuters India Mobile

Reuters India Mobile

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