EDF Australia to invest $10.8m in CSP firm Vast Renewables

The partnership will boost the development of concentrated solar power in Australia.

EDF Australia committed around $10.8m (EUR10m) to Vast Renewables Limited, a company focused on concentrated solar power (CSP) energy systems to develop CSP projects in Australia.

In a statement, EDF said the capital commitment will be subject to closing the business combination between Vast and Nabors Energy Transition Corp. and other customary traditions.

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The Australian Renewable Energy has also granted $42.6m (A$65m) conditional grant funding to support Vast’s Vast Solar 1 project in Port Augusta in South Australia which will be comprised of 30 megawatts (MW) of CSP plant with 288 MW0hour of thermal storage.

The project will be co-located with the company’s planned Solar Methanol 1, the first green methanol demonstration plant globally, in collaboration with German integrated giant Mabanaft which also received government support from Australia and Germany.

$1 = EUR0.93; A$1.52