By: David F. King, Director of News & Politics, ClimateWireSource: ClimateWire, December 01, 2019 07:02:12The world’s largest solar plant project has been announced in Australia, with a reported capacity of 600 megawatts.
The $20 billion project, called the South West Solar Farm, will generate more than 1,000 megawatts of power.
Solar energy has exploded in the past decade, as the cost of panels fell and the cost per kilowatt-hour rose, but it remains a costly and challenging technology for a wide range of reasons.
A solar farm, like any other, must provide enough electricity to power a household.
But the amount of power needed to generate enough power depends on the system’s characteristics, including the amount and location of panels, how long the panels are installed, and how much sunshine is available.
The South West solar farm will provide electricity for about 1.5 million homes in Queensland and about 4 million in Victoria.
The project will be built by SolarCity, one of the largest solar companies in the world, with assets in about 30 countries.
SolarCity says it has a market value of about $1.5 billion, including debt, which will be repaid by the solar panels.
In total, the project will generate about 940 megawatts, according to SolarCity.
The plant will cost about $60 million to build, with the company hoping to have a production capacity of 1.1 gigawatts.
The solar farm has been approved by the Federal Government, which said in a statement that it would generate about 1,200 megawatts and provide 1.2 million homes with electricity in 2020.
SolarPower Australia, the company that will operate the project, is owned by a consortium of investors including Warren Buffett, and has a $9 billion market value.
SolarCo is a solar power company based in South Australia, which is owned and operated by a private equity group.