Enel, through a joint venture between the Group's fully-owned renewable energy subsidiary Enel Green Power S.p.A. and Dutch Infrastructure Fund, has just connected to the grid the first 45MW feeder of the 137.7MW Bungala Solar One photovoltaic plant, which is located near Port Augusta in South Australia. The plant, which is now releasing energy to Australia's grid, is the first part of the Bungala Solar PV Project, whose capacity will total more than 275MW.
"We have just reached a historic landmark for our Group in an entirely new continent, as this is the first renewable energy flowing into the Australian grid from Enel," said Antonio Cammisecra, Head of Enel Green Power. "We now develop, own and manage generation assets in all continents, starting from Europe and then moving around the globe, landing in Oceania through this unique project. We are just a few months away from the completion of this solar plant and look forward to other opportunities this renewable-resource-rich country will have to offer."
Enel is investing around 157 million US dollars in the overall 275MW project, with a total investment amounting to 315 million US dollars financed through a mix of equity and project finance with a consortium of local and international banks. The Bungala Solar project is fully contracted with a long-term power purchase agreement with Origin Energy.