Victoria’s renewable energy industry has been further strengthened with an ambitious solar farm roll-out by an innovation led investment firm.
Providence Asset Group has announced that it has extended its footprint into regional Victoria with an initial five solar farms that are already operational and a further six solar farms now under construction.
The Providence-owned farms at Katamatite, Numurkah, Echuca West, Echuca and Stanhope are an addition to Providence’s growing portfolio of regional, community-based solar projects, now the largest of any renewable energy investment company in Australia.
The game-changer for the Victorian sites will be the construction of innovative storage facilities based on hydrogen technology that’s being pioneered here in Australia.
A total of 30MWh of advanced hybrid storage technology – including hydrogen storage and traditional Li-ion batteries - will be attached to each site.
Providence Asset Group CEO Henry Sun said for the Victorian communities hosting the solar farms there are potential opportunities for local investment in the projects, and the prospect of cheaper electricity under a future power purchase agreement.
“Providence recognises the enormous opportunities that exist in our regions and we’re excited to be partnering with regional communities and offering opportunities for more affordable energy and even local investment,” he said.
The Victorian Government has set a renewable energy target of 50 per cent by 2030 and a long-term target of zero net emissions by 2050.
With abundant renewable resources to harness and these ambitious yet achievable targets, Victoria’s new energy sector has plenty to offer investors.
To explore opportunities for investing in Victoria’s renewable energy industry, contact us.