Photon Sells 14.5MWp Solar Plants to CleanPeak Energy in NSW

Photon Energy Group has divested a portfolio of solar assets in New South Wales to CleanPeak Energy, an Australian-owned renewable energy specialist. The deal includes two operational solar farms with a combined capacity of 14.5 MWp and a shovel-ready hybrid solar and battery storage project.

Details of How Photon Sells 14.5MWp Solar Plants to CleanPeak Energy in NSW

The transaction encompasses the Leeton and Fivebough solar farms, located in NSW’s Riverina region. These two plants, which have been operational since 2022, are situated on 36 hectares and utilize advanced technology, including single-axis trackers and bifacial modules to maximize energy generation. The power produced is primarily sold on the National Electricity Market (NEM), with a smaller portion contracted through a Power Purchase Agreement (PPA).

Also included in the sale is a development project in Boggabri, which is poised for construction. This hybrid facility is designed with a planned capacity of 8.2 MWp of solar generation coupled with a 10.9 MWh Battery Energy Storage System (BESS). The completion of the entire transaction, which is anticipated to generate over EUR 6 million in net cash for Photon Energy, is subject to standard conditions and expected in October 2024.

Strategic Shift Towards Energy Storage

This sale marks a significant strategic pivot for Photon Energy Group, as it realigns its focus towards the growing field of energy storage. The company aims to tackle the challenge of intermittency inherent in renewable energy generation.

“The sale of these assets to CleanPeak Energy is part of our refocusing on the development and deployment of energy storage technologies,” stated Georg Hotar, CEO of Photon Energy Group. “By investing in energy storage, we aim to address one of the most critical challenges in the renewable energy sector – ensuring that clean energy is available whenever it is needed.”

This strategic move, alongside the activities of its New Energy division and other investments like its stake in RayGen, positions Photon Energy to play a crucial role in enhancing grid stability as the reliance on intermittent renewable energy sources increases. Pottinger and Clifford Chance served as the sole financial and legal advisors, respectively, for Photon Energy in this transaction.

Portfolio Expansion for CleanPeak Energy

For CleanPeak Energy, this acquisition significantly expands its portfolio of distributed energy assets across Australia. Established in 2017, CleanPeak specialises in building, owning, and operating infrastructure to deliver smart and cost-effective energy solutions. The company partners with major Australian corporations and governments, supporting their journey towards net-zero emissions by developing tailored solar and battery assets that accelerate the decarbonisation of the country’s energy supply.

Sources

1. CleanPeak Energy Acquires Leeton Solar Farm
2. [PDF] Photon Energy NV Annual Report 2024 – Investor Relations
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