Enel, through the joint venture between its subsidiary Enel Green Power and the Dutch Infrastructure Fund, has entered the Australian market with the largest solar project in the country. The Italian electricity giant has in fact closed an agreement for the purchase of Bungala Solar One, the 137,5 MW first phase of the 275 MW Bungala Solar solar PV project, from Bungala Solar Holding Pty, a subsidiary of Australian developer Reach Solar Energy Pty Ltd.
Bungala Solar is currently the largest 'ready to build' PV project in Australia and is located near Port Augusta in South Australia. The closing of the purchase of Bungala Solar Two, the second phase of the project, is expected for the third quarter of 2017.
The project is fully supported by a long-term power supply agreement with Australian utility Origin Energy. Enel is banking on Australia as an interesting market for business development, due to its abundance of renewable sources, growing demand for green energy, its network infrastructure and stable regulatory framework.
“The acquisition of Australia's largest photovoltaic project takes us to a new continent and is an important step forward for the Enel Group,” he commented. Francesco Starace, CEO and general manager of Enel – in the Australian renewable energy market, characterized by an abundance of resources and growing demand. Enel is committed to using these resources and contributing to the Australian economy, generating shared value for all our stakeholders through an industrial growth strategy based on sustainable development'.
