Singapore's Keppel joins 500-MW solar project in Queensland

• The renewables arm of Singaporean empire Keppel Corp (SGX: BN4) has consented to acquire a 45% passion in the holding business for a greenfield solar project in Queensland, Australia, with a capability of at the very least 500 MW.

Keppel Renewable Energy Pte Ltd will certainly pay a nominal amount of AUD 540 (USD 409/EUR 335) for the risk in Harlin Solar Pty Ltd and will provide a loan of as much as AUD 3.24 million that should cover development costs. It will certainly also get the right to take complete possession of the asset for an optimum of AUD 52.35 million if particular growth milestones are achieved.

The deal requires to be given the go-ahead by Australia's Foreign Investment Review Board.

The business will certainly coordinate with professional programmer Anthony Youssef and also local firm New Energy Development to execute the project. Keppel Renewable Energy will certainly lead the growth and also management of the building and procedure of the plant.

The solar park will certainly be improved greater than 2,000 hectares of land in Queensland. It will utilise bifacial modules and also single axis trackers and will have the ability to create sufficient power to supply over 142,000 ordinary Australian homes.

Building job is seen to start in 2022 and be finished the list below year.

While this stands for Keppel Renewable Energy's very first solar project, the empire will be wanting to broaden its portfolio of renewables to 7 GW by the end of the decade.