Australia’s CEFC steps up to finance 70 MW Oakey 2 project

The CEFC is continuing to provide project finance to PV power plant projects in Australia at the pre-offtake agreement stage. The latest deal will see construction on the 70 MW Oakey 2 project get underway.

Oakey 2 is being developed by Canadian Solar and has been sold, as a part of a 117 MW utility scale solar portfolio, to the UK’s Foresight Solar Fund Limited. Canadian Solar reports that the project will be completed in November 2018 – one month later than previously announced.

In October 2017, Foresight announced the purchase of Oakey 2, alongside taking a 49% stake in Oakey 1 and the Longreach Solar Farm – the latter two projects having already signed 20-year offtake agreements with the Queensland state government. Canadian Solar reports that construction is nearing completion on Longreach and Oakey 1 with both set for grid connection between March and August.

Canadian Solar will act as EPC on Oakey 2, and supply its KuMax CS3U-340P modules. It will also provide O&M services for two years on the completion of production.

The KuMax module series uses half-cut cell technology, reducing cell to module power losses through reduced internal resistance. Canadian Solar uses the term Low Internal Current (LIC) for the technology. Canadian is also the leading producer of black silicon polycrystalline PV cells, which have an efficiency advantage over standard polycrystalline.

In announcing the CEFC financing, Canadian Solar CEO Shawn Qu noted that the company is pursuing an “integrated business model across the solar value chain” in Australia.

“With a pipeline exceeding 1,000 MW of early to late-stage developments across four states (Queensland, New South Wales, Victoria and Western Australia), we continue to commit to a sustainable clean energy future for Australia,” said Qu in a statement.