The Clean Energy Finance Corporation’s (CEFC) recent commitment of $56 million in debt finance will assist in accelerating the development of the Numurkah Solar Farm.

Even before work has begun on the 100MW (AC) (128MWp) solar development in Victoria’s Goulburn Valley region, developer Neoen has secured major power supply contracts for both the Laverton steelworks, in Melbourne’s west, and the Melbourne tram network.

CEFC CEO, Ian Learmonth, said the CEFC’s financial commitment would help accelerate development of the $198 million solar farm.

“High grid electricity prices, high gas prices and unfavourable contracting conditions have put pressure on tight operating margins for manufacturers,” Mr Learmonth said.

“The lower cost of solar, combined with these types of commercial power purchase agreements, offer manufacturers welcome control over their energy use.”

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