Falling prices clip profits at two of Australia’s biggest solar farms

The owner of two of Australia’s biggest solar farms has reported a fall in earnings for the first nine months of 2025, as slumping wholesale prices offset a 54 per cent increase in solar output.

The Philippine-based Acen Renewables owns the New England solar farm in the north of New South Wales and the Stubbo solar farm in the state’s central west.

Both are rated at 400 MW, making them the biggest in the country, along with Neoen’s Western Downs solar farm in Queensland. New England will eventually take the undisputed mantle when it completes its second stage that will lift its total capacity to 720 MW (Ac).

Acen Renewables says that in the nine months to the end of September, the ramping up of the Stubbo solar farm – now fully commissioned – helped boost total solar output across the two facility by 54 per cent to 883 gigawatt hours.

However, falling spot prices meant that overall revenue grew only slightly – by 7 per cent – and its earnings before interest and tax actually fell by 3 per cent to PHP1.322 billion ($A34.2 million).

Average revenue fell to $A38.7/MWh. Both projects are supported by underwriting agreements with the state government, but it is unclear if any revenue from those underwriting agreements was included.

The New England project will soon feature a 200 MW, 400 MWh big battery, being built by US-based Energy Vault, and which is 42 per cent complete and is on track for full operation in the first half of 2027.

Acen Renewables is also considering a 200 MW, 800 MWh big battery at the Stubbo facility. Nearly all new solar projects in Australia are now being delivered as solar-battery hybrids, to shield the facility from negative prices in the middle of the day and to take advantage of high prices in the evening peaks.

Acen Renewables is also looking to develop the 930 MW Valley of the Winds project in western NSW, pending a legal fight with an aggrieved neighbour, and the Phoenix 800 MW pumped hydro project, along with the contested Robbins Island wind project in Tasmania.

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