Edify announces completed funding for solar farms following investment from BlackRock
Renewable energy company Edify has announced that it has successfully sourced the financing required to undertake the construction and operation of two solar farms in North Queensland, Australia.
The funding has come from US based fund management specialist BlackRock. The investment marks the firm’s first time foray into the Australian renewable energy market with its 90% interest in the solar farms that combined will cover 590 hectares.
Edify will retain the remaining 10% of the equity interest, providing long term asset management of the projects.
“We are delighted to have closed another large utility scale solar PV financing transaction and to be a significant contributor to the renewable energy market in Australia,” said Edify Energy Chief Executive, John Cole.
“Partnering with BlackRock Real Assets, and their first investment into the Australian renewable energy market, is a real coup for Edify and is a major step forward towards mainstreaming solar renewable power in Australia.
“With a pipeline of projects under development, we look forward to playing a meaningful part in the decarbonisation of the Australian energy sector.”
The building of both farms is set to commence in September of this year, with expectations that the combined energy generated from the projects will be enough to power 73,000 homes, marking a significant step forward for the region’s renewable energy development.
“We are very pleased to continue our strong relationship with Edify Energy to deliver these two large-scale solar energy projects generating a combined 240MWp,” said RCR Tomlinson CEO Paul Dalgleish, with the company having been entrusted with the construction.
Trafigura and Yara International explore clean ammonia usage
Reducing shipping emissions is a vital component of the fight against global climate change, yet Greenhouse Gas emissions from the global maritime sector are increasing - and at odds with the IMO's strategy to cut absolute emissions by at least 50% by 2050.
How more than 70,000 ships can decrease their reliance on carbon-based sources is one of transport's most pressing decarbonisation challenges.
Yara and Trafigura intend to collaborate on initiatives that will establish themselves in the clean ammonia value chain. Under the MoU announced today, Trafigura and Yara intend to work together in the following areas:
- The supply of clean ammonia by Yara to Trafigura Group companies
- Exploration of joint R&D initiatives for clean ammonia application as a marine fuel
- Development of new clean ammonia assets including marine fuel infrastructure and market opportunities
Magnus Krogh Ankarstrand, President of Yara Clean Ammonia, said the agreement is a good example of cross-industry collaboration to develop and promote zero-emission fuel in the form of clean ammonia for the shipping industry. "Building clean ammonia value chains is critical to facilitate the transition to zero emission fuels by enabling the hydrogen economy – not least within trade and distribution where both Yara and Trafigura have leading capabilities. Demand and supply of clean ammonia need to be developed in tandem," he said.
There is a growing consensus that hydrogen-based fuels will ultimately be the shipping fuels of the future, but clear and comprehensive regulation is essential, according to Jose Maria Larocca, Executive Director and Co-Head of Oil Trading for Trafigura.
Ammonia has a number of properties that require "further investigation," according to Wartsila. "It ignites and burns poorly compared to other fuels and is toxic and corrosive, making safe handling and storage important. Burning ammonia could also lead to higher NOx emissions unless controlled either by aftertreatment or by optimising the combustion process," it notes.
Trafigura has co-sponsored the R&D of MAN Energy Solutions’ ammonia-fuelled engine for maritime vessels, has performed in-depth studies of transport fuels with reduced greenhouse gas emissions, and has published a white paper on the need for a global carbon levy for shipping fuels to be introduced by International Maritime Organization.
Oslo-based Yara produces roughly 8.5 million tonnes of ammonia annually and employs a fleet of 11 ammonia carriers, including 5 fully owned ships, and owns 18 marine ammonia terminals with 580 kt of storage capacity – enabling it to produce and deliver ammonia across the globe.
It recently established a new clean ammonia unit to capture growth opportunities in emission-free fuel for shipping and power, carbon-free fertilizer and ammonia for industrial applications.