Image Resources Solar Farm
Climate Capital completed its inaugural investment in August 2019 acquiring a majority stake in the SPV and its asset comprising the greenfield 2.3MW solar farm in Perth’s mining locality of Boonanaring, 106km north of Perth’s CBD.
Perth-based solar developer Sunrise Energy Group developed the project progressing it through a number of key development milestones, including: (1) local council and state development approvals; (2) site security, connection and draft offtake agreements with Image Resources; and (3) detailed design and construction planning.
The project is a behind-the-meter installation and will be located at the site of operations of ASX-listed miner Image Resources, ultimately spanning approximately 5 hectares and consisting of up to 7,900 tracking solar PV panels.
The project will generate up to 5,400MWh per annum for which 100% of this is expected to be consumed directly at the site. As a result, Image Resources are expected to achieve significant cost-savings while also reducing their carbon emissions.
The project is underpinned by a compelling revenue structure consisting of: (1) a bundled (wholesale and subsidy) offtake price for the life of the Boonanaring mine; and (2) reserve capacity credit payments in addition to energy revenues at the end of the offtake agreement.
Since its introduction to the project, Climate Capital has managed value into the project on behalf of investors by leading the structuring and drafting of commercial agreements which ultimately underpin the project.