PVTIME – Photon Energy N.V. (WSE&PSE: PEN, FSX: A1T9KW) (‘Photon Energy Group’ or the ‘Company’), an Amsterdam-based renewable energy company delivering solar energy and clean water solutions around the world, has secured 1,200 hectares of land in South Australia to develop the world’s largest solar energy storage project to date. The Company is currently developing multiple sites in Australia suitable for RayGen’s solar technology in combination with its energy storage solution.
Based on preliminary designs, Photon Energy will develop a solar generation capacity of 300 MW with a grid connection capacity of 150 MW. The target storage energy storage capacity is 3.6 GWh, equivalent to 24 hours of full load, to the grid, from storage. This will exceed the 3 GWh capacity of the Ouarzazate Solar Power Station in Morocco, which currently has the world’s largest energy storage capacity of any type, excluding pumped hydro.
“We are very excited to be developing this innovative and globally significant solar energy storage project in South Australia. The enviable solar resource and need for energy storage due to high penetration of renewables in this region is a perfect match for RayGen’s technology,” commented Michael Gartner, CTO of Photon Energy Group and Managing Director of Photon Energy Australia.
Photon Energy has commenced the permitting and grid-connection processes and expects to reach the ready-to-build stage by the end of 2023.
RayGen recently closed its Series C capital raise for AUD 55 million where Photon Energy participated alongside AGL Energy, Schlumberger New Energy, Chevron Technology Ventures and Equinor Ventures. RayGen is currently building a 4 MW / 50 MWh solar energy-plus-storage plant in Carwarp, Victoria, Australia due for completion in mid-2022.
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