Climate Capital completed its inaugural project in August 2019 which was the green field 2.5MW solar farm in Perth’s mining locality of Boonanarring, 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.