Photon Energy Sells Yadnarie Solar Project to AGL

• Photon Energy sells groundbreaking Yadnarie solar project to AGL, marking the first utility-scale deployment of RayGen's tech, as AGL targets 12 GW renewables by 2035.

Photon Energy NV has secured approval for the Yadnarie solar and energy storage project in Australia and sold it to AGL Energy Ltd. The project, located in Cleve, South Australia, will utilize RayGen Resources' PV Ultra and Thermal Hydro technology, featuring 150 MW of concentrated solar, 90 MW of thermal generation, and 720 MWh of energy storage. This marks the first utility-scale deployment of RayGen's technology.

Both Photon and AGL are investors in RayGen, which raised AUD 127 million in Series D funding. AGL plans to add 12 GW of renewables by 2035. Photon Energy's CEO, Georg Hotar, stated the sale aligns with their strategy to develop and monetize renewable assets. Photon is also working on a similar project in South Africa.

What are the key features of the Yadnarie solar and energy storage project in Australia?

• The Yadnarie project is located in Cleve, South Australia, a region known for its high solar irradiance, making it an ideal location for solar energy projects.
• It will be the first utility-scale deployment of RayGen Resources' innovative PV Ultra and Thermal Hydro technology.
  
• The project includes 150 MW of concentrated solar power, which focuses sunlight to generate heat and electricity more efficiently than traditional solar panels.
• It features 90 MW of thermal generation, which uses stored heat to produce electricity, providing a reliable power supply even when the sun isn't shining.
  
• The energy storage component has a capacity of 720 MWh, allowing for significant energy storage to balance supply and demand.
  
• The project is part of AGL Energy Ltd's broader strategy to expand its renewable energy portfolio, with a goal to add 12 GW of renewables by 2035.
  
• Photon Energy NV, the original developer, is focusing on developing and monetizing renewable assets, aligning with their strategic goals.
  
• The project is expected to contribute to the local economy by creating jobs during the construction and operational phases.
  
• RayGen's technology is designed to be highly efficient and cost-effective, potentially setting a new standard for solar and energy storage projects.
• The project supports Australia's transition to renewable energy and its commitment to reducing carbon emissions.