AGL Energy Limited
(ASX:AGK) says it has funding for two large scale solar projects in New South Wales.
The projects, chosen as part of the federal government’s Solar Flagships program, will see a 102 megawatt development in Nyngan and a 53 megawatt plant built in Broken Hill.
The project costs are $450 million, to be funded with the assistance of the Australian Renewable Energy Agency and the NSW government.
Managing Director Michael Fraser says the solar developments will be the biggest in Australia and the Nyngan plan will be the largest in the Southern hemisphere.
The projects will produce approximately 360,000 megawatt hours of electricity per year.
Construction of the Nyngan project is expected to begin in 2014, while construction of the Broken Hill project will start around mid next year.
AGL Energy generated a net profit of $364.7 million in the first half of fiscal 2013.
