Joint Venture with GE Energy and Funding of 10 MW Greenough River Solar Farm
On 31 August 2011, Verve Energy announced that it had reached agreement with GE Energy Financial Services, First Solar, Inc. and the Water Corporation to construct Australia’s first utility-scale solar photovoltaic (“PV”) project near Geraldton.
Verve and GE will each own 50% of the 10 MW project, with the WA Government providing a further $20 million in funding, including $10 million from the Royalties for Regions program. First Solar will supply the project with PV modules and construction management services, as well as operations and maintenance support once operational. The Water Corporateion will purchase 100% of the electricity output and renewable energy certificates from the project under a long term power purchase agreement.
Azure acted as financial adviser to Verve Energy in relation to the joint venture with GE and the project funding package.