CBA backs community-based solar farms in Victoria
Commonwealth Bank has partnered with Providence Asset Group to fund a portfolio of 10 community-based solar farms in regional Victoria with a $33 million project financing agreement.
These community-based solar projects are operational and cumulatively produce 100 per cent renewable energy to power approximately 20,000 households each year.
Providence Asset Group is developing 29 more solar projects in New South Wales, bringing its total portfolio to 40 sub 5MW solar farms across regional Victoria and New South Wales.
Each solar farm will be fitted with the patented LAVO HEOS (Hydrogen Energy Storage System), a pioneering hydrogen storage solution co-developed with the University of New South Wales and manufactured in Australia.
Providence aims to trial the first deployment in Stanhope, Victoria before year-end and aims to deploy progressively across the portfolio during 2023-2024.
Supporting Australia’s transition to a more sustainable future is a strategic priority for CBA, says Sally Reid, executive general manager, Global Client Solutions.
The bank has a track record of helping bring utility-scale solar farms to the market, she adds.
Neil Fraser, executive director, Natural Resources and Energy, at CBA, continues: “We’re excited about the work Providence Asset Group is undertaking in the development of renewable energy technology, in particular the piloting of the LAVO HEOS hydrogen battery technology across its portfolio. This is a pioneering Australian technology which has the potential to be an important part of the future energy mix required to meet the needs of a net-zero economy.”