Renew Estate has sold the 120MW Bomen solar farm in New South Wales, Australia, to Spark Infrastructure.
Beon Energy Solutions will build the solar farm which is expected to enter operation in the second quarter of 2020.
The project, near Wagga Wagga, has a power purchase agreement (PPA) in place with Westpac to purchase just over a quarter of Bomen’s output for the first 10 years of operation.
Westpac said the PPA agreement will enable it to reach its commitment to source the equivalent of 100% of its global electricity consumption through renewable sources by 2025.
Spark Infrastructure and Westpac are also partnering to provide a community benefit package which includes $1 million in support over the term of the contract for science, technology, engineering and mathematics (STEM) scholarships, youth facilities, as well as local biodiversity and vegetation regeneration projects.
Additionally, Bomen has an off-take arrangement in place with Flow Power, a business energy retailer, to purchase a portion of the power that will be generated by it for up to 10 years.
The Member for Riverina and Deputy Prime Minister Michael McCormack described the solar project as a “great example of confidence in the region.”
He added: “It will be a shot in the arm for the local economy, creating some 250 jobs during peak construction and providing for $1 million in community benefits over a decade, including STEM scholarships and environmental projects.”
At full capacity Bomen Solar Farm will inject more than 200 gigawatt hours of clean energy into the national electricity grid.
Renew Estate director Simon Currie said: “Spark Infrastructure’s acquisition coupled with Westpac’s offtake enables us to deliver on our vision of developing the next generation of renewable energy projects in Australia.
“We are extremely proud of this project and are looking forward to seeing construction start on site.”