APA register offtaker for second 44-MW stage of Queensland solar project

• Australian power infrastructure company APA Group (ASX: APA) will certainly move ahead with a 2nd 44-MW stage of the Mica Creek solar project in Queensland after signing up a second customer.

APA said on Friday it has actually taken a last financial investment decision (FID) to construct stage 2 as it has actually inked a variation to the existing offtake agreement with existing APA customer Mount Isa Mines Ltd, part of Glencore (LON: GLEN).

Just last month APA introduced FID on stage one and also a 15-year power purchase agreement (PPA) with MMG Dugald River for the output of the initial 44 MW

APA is seeing solid passion from consumers and also is researching a possible growth for a 3rd stage, according to today's news.

With the second stage, APA will invest an overall of around AUD 150 million USD (108.2 m/EUR 95.5 m) in the 88-MW solar farm which is expected to be up and running by the middle of 2023.

It will certainly be integrated in Mount Isa, North West Minerals Province, ashore rented from the Queensland federal government near APA's Diamantina combined-cycle gas wind turbine power complicated.

"This investment will support APA's vision for a world-leading hybrid power grid in Mount Isa and our ambition to sustain the further boost of renewable energy infiltration for the region," stated APA chief executive and also taking care of supervisor Rob Wheals.