Epuron acquires Uterne solar power plant

Epuron has acquired the 1 MW Uterne solar power plant from SunPower Corp. Commonwealth Bank has provided project financing for the acquisition of the Alice Springs plant, making it the country’s first major bank to support a solar project of this size.

The project was developed by SunPower with the support of Power and Water Corporation. Under a solar power purchase agreement, Power and Water will buy generated electricity at a guaranteed rate over a 20-year term. Following the acquisition, SunPower will continue to provide operations and maintenance services in conjunction with Ogden Power, a SunPower accredited solar company based in Alice Springs.

“Epuron’s acquisition of Uterne underscores the bankability of SunPower’s industry-leading, high-efficiency technology, decades of proven experience and more than 2500 MW deployed globally,” said Howard Wenger, SunPower President, Regions. “This solar power plant has exceeded reliability and energy production expectations since it was commissioned in June 2011, and will reliably generate power and return on investment for the life of the system.”

“The acquisition of Uterne further demonstrates Epuron’s commitment to a growing solar portfolio in the Northern Territory,” added Epuron Executive Director Andrew Durran. “The project is a great addition to our 1 MW remote TKLN Solar project, making Epuron one of the largest solar project owners and asset managers in Australia. Epuron is especially pleased to be able to project finance the acquisition through CBA, a first for a project of this size in Australia.”

Uterne is constructed of high-efficiency SunPower solar panels installed on the SunPower T20 Tracker, which positions panels to follow the sun during the day, increasing daily energy production by up to 30% over conventional fixed-tilt installations. The plant received an Engineering Excellence Award from Engineers Australia in 2012.

The plant was developed with funding assistance from the Australian Government as part of the Solar Cities program.