Darlington Point Solar Farm is expected to generate 685,000MWh of renewable energy each year. Credit: Zbynek Burival on Unsplash.

Octopus Investments and Edify Energy have arranged more than A$450m ($324m) to finance a solarpower station at Darlington Point near Griffith in New South Wales, Australia.

With 333MWDC (275MWAC) energy generating capacity, construction works at the Darlington Point Solar Farm are expected to begin shortly.

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Once operational, the solarpower station is expected to generate 685,000MWh of renewable energy each year. This is enough to power around 115,000 homes in the region.

The project will create approximately 400 direct on-site peak jobs and other opportunities for surrounding communities.

Power generation at Darlington Point is expected to start in early 2020. The project already has a long-term power purchase agreement (PPA) with Delta Electricity for approximately 55% of output.

Octopus Investments managing director Sam Reynolds said: “Octopus has considerable international experience in onshore renewables investment and management and we’re applying that expertise to bring high-quality projects like Darlington Point Solar Farm online in Australia.

“Bringing projects like this to life shows how the solar industry has come of age in Australia as a mainstream choice for investors, retailers and consumers of energy.”

“Projects need to stack up economically, not just environmentally, for our investors.  Darlington Point ticked the right boxes for us, there are excellent solar resources in the region, plus its right next door to a major existing transmission substation and the site has development approval to accommodate batteries in the future.

“Bringing projects like this to life shows how the solar industry has come of age in Australia as a mainstream choice for investors, retailers and consumers of energy.”

For Octopus Investments, Darlington Point is said to be the first deal since it entered the Australian market in 2018.

Edify Energy has developed and structured the Darlington Point Solar Farm and will be retaining an equity stake in the project.

The Australian renewable energy firm will be working with Octopus through construction and will undertake the long-term asset management service for the solar facility through operations.

Edify Energy chief executive John Cole said: “Projects such as the Darlington Point Solar Farm demonstrate the expanding momentum of renewable energy projects and the vital role they have to play in Australia.”