First Solar deal to become blueprint for similar mining deals in Australia

22 May 2014

News

A new solar power plant to be developed by our client, First Solar, is being heralded as the solar power industry’s world’s first major venture with a mining major.

The First Solar deal involves a total $23.4 million investment. This deal should become the blueprint for similar ventures with other miners in Australia. Up to $7.8 million of additional funding has already been earmarked for the second phase of the project.

The initial solar project in Weipa (Queensland) consists of 18,000 Photovoltaic solar panels, scheduled for completion late this year at the site on the Cape York Pensinsula. The use of solar will reduce diesel use at the mine and cut carbon dioxide emissions by about 1600 tonnes a year. It is the first significant diesel replacement project in the mining sector.