European Energy wins planning approval for 1.1GW Upper Calliope solar farm [Yahoo! Finance]
Rio Tinto Plc (RIO)
US:NYSE Investor Relations:
riotinto.com/investors-87.aspx
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Source: Yahoo! Finance
The approval is said to lower development risk and move the project closer to investment readiness. The solar farm's entire output is backed by a 25-year power purchase agreement (PPA) with mining major Rio Tinto providing long term revenue certainty and supporting the project's commercial framework. With the planning approval in place, European Energy can proceed to final design, grid connection activities, conducting procurement, reaching final investment decisions (FID) and construction planning. The project is described as a permitted, utility-scale solar asset situated in a major industrial energy hub. European Energy Australia vice president and country manager Catriona McLeod said: “With planning approval now in place, we can move ahead with the Upper Calliope project – one of the largest projects European Energy has undertaken to date. It's an exciting and important step and our experienced team will now move on to the next phase of development.” Electricity from th
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