Construction of what will be Australia’s largest PV power project officially commenced today, with a turning of the sod at the site of the 20MW Royalla Solar Farm in Canberra by the ACT’s minister for environment, Simon Corbell. The solar farm is owned by Spanish company Fotowatio Renewable Ventures (FRV), which was the first successful bidder in the ACT’s solar auction process. It will play a key role in the ACT meeting its target of sourcing 90 per cent of Canberra’s power from renewable energy by 2020. At full capacity, Corbell said the Royalla Solar Farm would generate enough energy to meet the demands of 5000 households, and would eliminate 700,000 tonnes of CO2 emissions during its first 20 years of operation. Corbell added that the project would cost the average ACT household a maximum of 24 cents per week in 2016, reducing to 15 cents per week in 2021. Construction is due to be completed in the first half of 2014.
AlgaeTec raises $1m for key projects
ASX-listed advanced renewable algal products company Algae.Tec has announced it has raised $750,000, with an additional $250,000 in 2 months, through a Platinum Bond fundraising to sophisticated investors. The bond was issued with pre-paid interest of 7.5 per cent. The Perth-based company says the funds will be used to further develop key projects and for general working capital including repayment of existing loans. The bonds are repayable in 12 months or may be converted into shares at a conversion price of $0.22 cents.