Photon Energy sells Aussie solar plants to focus on energy storage

The sale will be completed in October.

As it transitions to utility-scale energy storage development, Photon Energy Group has signed an agreement with CleanPeak Energy for the sale of the former’s two operating solar power plants and a hybrid development-stage solar / battery project in New South Wales, Australia.

In a statement, Photon Energy said the Leeton and Fivebough solar farms have a combined capacity of 14.5 megawatt-peak (MWp). Most of their generated electricity is sold into the National Electricity Market, with a small proportion sold through a power purchase agreement.

Meanwhile, the hybrid development-stage solar / battery project, located in Boggabri, New South Wales, has a capacity of 8.2 MWp / 10.9 MWh.

“Completion of this transaction is contingent upon a limited number of conditions precedent which are expected to be satisfied in October 2024,” Photon Energy said.

The sale of these assets will result in a net cash contribution of over $6.59m (EUR6m) to the group’s financial statements

“By focusing on the development of energy storage projects, Photon Energy intends to ensure that renewable energy can be stored and dispatched during periods of peak demand, increasing the reliability of renewable power,” the company said in a statement. 

To support its shift to energy storage, the company formed a New Energy division and invested into RayGen.

$1 = EUR0.91