Pacific Hydro to enter retail market
Renewable energy company, Pacific Hydro, has announced it will establish a retail arm to supply renewable energy to the commercial and industrial market, with the aim of providing a Power Price Agreement for the Moree Solar Farm consortium’s bid for funding under the Federal Government’s Solar Flagship Program.
The announcement follows the failure of the Moree Solar Farm consortium, which included Pacific Hydro, BP Solar and FRV, to find financial backers for its bid within the timeframe allowed. As a result, the tender process for the $306.5 million project was reopened earlier this month.
A new Moree Solar Farm consortium, without BP Solar, has submitted a revised bid which includes a Power Purchase Agreement (PPA) with Pacific Hydro.
Pacific Hydro General Manager, Lane Crockett, said he believed renewable power provided by Pacific Hydro could be cost competitive with conventional energy, despite the oversupply of renewable energy certificates.
“Pacific Hydro has been working on our retail market strategy for some time and we are very confident that it will be a success with projects like the Moree Solar farm part of a future diversified renewable energy portfolio that will include wind and possibly into the future, geothermal,” he said.
Pacific Hydro expects to have a retail energy licence within three months.
Other bids for the Moree Solar Farm have been resubmitted from AGL, TRUenergy, and Infigen Suntech