Ark Energy reaches FID on A$1.3B solar-battery hybrid in NSW

Ark Energy has taken a final investment decision on the Richmond Valley Solar Farm & BESS, a 200 MW solar farm paired with 2,200 MWh of battery storage in northern New South Wales.

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Ark Energy has reached a final investment decision (FID) for the Richmond Valley Solar Farm & Battery Energy Storage System (BESS) in New South Wales, the company announced. The project, located about 25 km south of Casino in the Northern Rivers region, carries a total value of A$1.3 billion.

The facility will comprise 200 MW AC of solar generation and a 275 MW / 2,200 MWh battery storage system with eight-hour duration using LFP chemistry. According to Ark Energy, it is the largest solar-battery hybrid on Australia's main grid. The company is a subsidiary of Korea Zinc, which is backing the project.

Financing is split into A$586 million in equity and A$716 million in debt. The project is supported by a Long-Term Energy Service Agreement (LTESA) with the NSW government. Ark Energy expects to spend A$180 million locally and to support over 850 jobs during peak construction.

“We are thrilled to have reached this major milestone and look forward to moving the project into the next phase of financial close and construction,” said Ark Energy CEO Michael Choi in a statement. “It reflects the project’s strong economic fundamentals.”

The Richmond Valley FID follows several other renewable energy projects that recently reached financial close in Australia, including the Waroona Renewable Energy Project in Western Australia (132 MW solar plus 565 MWh BESS), the Fraser Coast Project in Queensland (290 MW solar plus 180 MW BESS, backed by Naturgy), and the Narrogin Wind Farm in WA (179 MW, advancing to construction via a Synergy offtake agreement).