Author: Ivan Shumkov
The Australian subsidiary of China’s Risen Energy Co Ltd (SHE:300118) has acquired the 121-MW Yarranlea solar project in Queensland.
Risen plans to develop, build, own and operate the project on a merchant basis, without relying on a power purchase agreement (PPA), John Zhong, Risen’s director of project development and investment, said as quoted by RenewEconomy on Wednesday.
The scheme was approved in 2016, but has not entered the construction phase yet due to a now-resolved case related to another solar project and certain regulatory issues. The Yarranlea scheme now has in place the needed connection deal with network operator Ergon Energy and clearance from the Australian Electricity Market Operator.
Yarranlea Solar director Nick Canto has said, as cited by RenewEconomy, that the project’s initial owners have been closely collaborating with Risen over a 12-month period, during which the regulatory approval processes were concluded.
According to the report, the project should be completed near the end of 2018.