ACEN Corp. said its subsidiary, ACEN Australia, has secured 20-year long-term energy service agreements (LTESAs) for two of its solar projects at the New South Wales (NSW) government’s first renewable energy and storage auction.
The company said LTESAs for ACEN Australia’s 720 megawatt (MW) New England solar project and the 400 MW Stubbo solar project were secured through the NSW consumer trustee’s inaugural tender for renewable generation and long duration storage.
“The LTESAs help encourage investments in the renewables and storage capacity necessary to accelerate the transition to clean, reliable and more importantly, affordable power for Australians. The LTESAs offer the right to access a minimum price for generation projects over a 20-year timeframe, which protects investors like us from the risk of unexpectedly low wholesale electricity prices,” said Anton Rohner, ACEN Australia chief executive officer, in a statement on Tuesday.
When fully operational, the New England Solar and Stubbo Solar projects will supply renewable electricity to 435,000 homes and help cut the NSW government’s emissions target of 50 percent by 2030.
ACEN Australia has around 1 gigawatt (GW) worth $1 billion still in construction and more than 8 GW in the development pipeline across Australia.
At present, the ACEN as a group has over 4 GW of capacity that are both operating and under construction as it targets to have a total 20 GW of renewable energy capacity by 2030.
Apart from Australia and the Philippines, ACEN also has operations in Vietnam, Indonesia, India, Lao PDR and the United States.
