Powering Australian Renewables Fund (PARF) Achieves Major Milestone
On 14 November 2016, AGL announced the completion of the sale of its 102 MW Nyngan and 53 MW Broken Hill solar plants into the Powering Australian Renewables Fund (PARF). As part of the AU$257 million sale, AGL will retain long-term power supply rights from the Nyngan and Broken Hill solar plants. AGL’s Managing Director and CEO, Andy Vesey, said the sale marks a major milestone in the landmark partnership with equity partner QIC and its clients the Future Fund and the QIC Global Infrastructure Fund.
“The PARF has acquired the Nyngan and Broken Hill solar plants as seed assets ahead of schedule and we’re confident of announcing the first new renewable project build ahead of our original March 2017 target as well,” said Mr Vesey.
It is anticipated AGL’s proposed wind farms in Silverton in New South Wales and Coopers Gap in Queensland will be offered to the PARF. On behalf of the PARF, AGL will develop and manage approximately 1,000 MW of large-scale renewable energy infrastructure assets and projects.
The PARF has the potential to deliver 20 percent of the remaining Federal Government’s Renewable Energy Target (RET):
- Abating over 1.5 million tonnes of greenhouse gas emissions
- Providing renewable power to more than 300,000 homes
- Equivalent of removing approximately 374,000 cars off the road.
For more information on the PARF and renewable energy, refer to our Sustainability Report.
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