Vast announces Term Sheet to facilitate transmission access for Aurora Energy Precinct [Yahoo! Finance]
BHP Group Limited American Depositary Shares (Each representing two Ordinary Shares) (BHP)
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Source: Yahoo! Finance
their joint venture SiliconAurora Pty Ltd (SiliconAurora), today announced the signing of a term sheet (Term Sheet) with Vast Solar 1 Pty Ltd and OZ Minerals Services Pty Ltd (OZM), a subsidiary of BHP Group Limited (BHP), to enter into negotiations with OZM for a possible binding agreement (Agreement) by 30 September 2024 (which date can be extended by mutual consent) (Agreement Date) that would facilitate access for the initial stages of the Aurora Energy Precinct (the Precinct) to the ElectraNet owned Hill-to-Hill Transmission Line (H2H) near Port Augusta, South Australia. The Precinct is owned by SiliconAurora, which plans to develop a 140MW (2 hour) battery energy storage system (BESS) on the site. Additionally, Vast plans to develop Vast Solar 1 (VS1), a 30MW concentrated solar thermal power (CSP) plant with 288 MWh of thermal storage, on the Precinct site. VS1 was awarded up to AUD $65 million in conditional grant funding by the Australian Renewable Energy Agency (ARENA). V
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