FRV Opens Royalla Solar Farm, The Largest Operating Solar PV Plant in Australia

| International Power

FRV, a global solar development company with a 3 gigawatt (GW) development portfolio in emerging solar markets, begins operation of its first large scale solar project in Australia today.

Located south of Canberra, the Royalla Solar Farm has an installed capacity of 24 megawatts (MWdc) and will generate enough energy to power nearly 4,500 Canberra homes while abating nearly 2.1 million pounds of carbon pollution each year. FRV won the Power Purchase Agreement for the project in a competitive tender process.

An opening ceremony this morning was held to commemorate the event and attended by Minister of Spanish Foreign Affairs, José Manuel García-Margallo, and the Australian Capital Territory Minister of the Environment, Simon Corbell. Other dignitaries in attendance included Australia’s Spanish Ambassador, Enrique Viguera, and Director-General, Environment and Planning Directorate, ACT Government, Dorte Ekelund.

“Royalla Solar Farm is a very important milestone for FRV not only in Australia, but globally, as it is our first project under operation since the incorporation of Denham Capital as our major shareholder,” said Rafael Benjumea, CEO of FRV, during the opening ceremony. “Through this commissioning, FRV is also bolstering its commitment to clean energy and further establishing itself as a global player in emerging solar markets.”

FRV also recently announced financial close for two large scale projects, the 70MWdc Moree Solar Farm in Australia, and the 65MWdc Jacinta solar farm in Uruguay. Since 2006, the company has been involved in the development of solar projects around the world totaling $2.4billion.

Royalla Solar Farm has been made possible thanks to the 2010 Australian Capital Territory (ACT) Government’s world leading Action Plan 2, regarding Climate Change and Greenhouse Gas reduction, which establishes for the ACT a 90 percent renewable energy target (RET) by 2020 as one of its initiatives.

“ACT’s renewable energy program is a great example of what can be done with thoughtful regulation. It is bringing leading global companies to ACT with competitive prices,” Benjumea added. “From here we encourage the Australian Commonwealth Government to support the RET in order to spur more kinds of projects like Royalla.”

Royalla Solar Farm

Approximately 23 kilometers south of Canberra, the Royalla Solar Farm is situated near the Monaro Highway. The project is constructed over nearly 50 hectares and is the largest operating solar facility in the country.

During construction of the Royalla Solar Farm approximately 100 jobs were created.

About FRV

FRV is a leading global solar development company with a 3GW development portfolio in the emerging solar markets including Australia, the Middle East, Africa and Latin America. Such markets are primarily characterized by the fact that solar power generation can be provided at a cost less than the marginal cost of power and/or have broad support for the development of solar power.

Since 2006, the management team has completed the construction, operation, maintenance and financing of over 500 MW of photovoltaic and CSP solar energy plants. Such projects represent more than $2.4 billion in total financings with more than 20 leading banks.

Denham Capital, an energy and resources focused private equity firm with more than $7.9 billion in invested and committed funds, is majority shareholder in FRV.