Australian CSP technology developer Vast Solar has acquired 50 percent of the shares in Silicon Aurora from 1414 Degrees (14D) for A$2.5 million ($1.8 million).
Vast Solar will now be co-developing the Aurora Energy Project, a 140-megawatt battery-energy storage system (BESS) with 14D. The agreement also provides access and other rights for Vast Solar to progress its 20-megawatt CSP project on the Aurora site. The Australian Government is also providing concessional financing of up to A$110 million ($77 million) for the CSP project.
“As per recent comments from the Federal Energy Minister and AEMO, dispatchable renewable energy capacity is what is required to curb the high prices currently being experienced in Australian energy markets,” said Craig Wood, CEO of Vast Solar. “We are excited to be working with the Federal Government and ARENA to finalize funding for the project, and with state and local governments and other partners to expedite the Aurora project.
