Chinese company take over Yarranlea Solar farm
THE Yarranlea Solar Farm project, 50km southwest of Toowoomba, has been bought by Chinese company Risen Energy for as much as $20 million.
Risen Energy Australia project development and investment director John Zhong said while he could not state the final sale amount due to confidential reasons, the company bought the project from Icubed consulting for a figure below $20million.
"Due to wholesale electricity markets, Risen Energy will fund 100 per cent of the Yarranlea Solar Farm project without finance," Mr Zhong said.
Once completed the Yarranlea Solar Farm power station will connect to the grid via the nearby Yarranlea zone substation and is projected to produce 264 gwh, enough to power 52,800 homes, each year from 400,000 solar panels.
According to Bloomberg, Risen Energy's chairman Lin Haifeng is a member of the China's ruling communist party.
Mr Zhong said Risen Energy was a privately-owned Chinese company and its investment in the solar farm was a positive thing for the Toowoomba community.
"The Chinese parent company isn't the owner of the project, the owner is Risen Holding Limited, an overseas company in Hong Kong," Mr Zhong said.
"We're investing to build up sustainable and green energy for the area, while providing local jobs and electricity security for the area," he said.
"The company is made up of entirely local Australian specialists with 25 to 30 years experience."
Mr Zhong said the project would soon move from the design stage to the construction stage.
He said he estimated about 200 jobs would be created during the construction phase, while there would be about five full-time jobs once the solar farm was up and running.
Yarranlea Solar founding director Nick Canto said Yarranlea Solar held an exhaustive expression of interest process for funding of the project.
"We quickly drew a conclusion that Risen was the right choice to take the project forward," Mr Canto said.
Mr Zhong said Mr Canto and Icubed Consulting would remain involved in the project in some capacity.
He said the company's takeover of the project had been approved by the Foreign Investment Review Board.
A FIRB spokesperson said they could not confirm details about the takeover due to confidentiality reasons.