SolarReserve Achieves Key Milestone in Development of South Australia’s First Solar Thermal Power Station

150 megawatt Aurora Solar Energy Project with 1,100 megawatt-hours
of energy storage secures Development Approval

ADELAIDE, Australia–(BUSINESS WIRE)–#Australia—SolarReserve
has received Development Approval for its Aurora Solar Energy Project, a
key milestone required to build the landmark 150 megawatt solar thermal
power station 30 kilometers north of Port Augusta. The approval process
examined a range of critical elements including environmental,
community, and social impacts of the Aurora project, which were assessed
by several South Australian Government agencies. Development Approval is
a legal document which enables SolarReserve to construct the Aurora
project, provided the construction complies with the submitted plans and
any conditions outlined in the Development Approval.

“It’s fantastic that SolarReserve has received development approval to
move forward with this world-leading project that will deliver clean,
dispatchable renewable energy to supply our electrified rail, hospitals,
schools and other major government buildings,” said South Australia’s
Acting Energy Minister Chris Picton. “This approval triggers an
investment of about $650 million, will create a total of about 700
construction and ongoing jobs in Port Augusta and will add new
competition to the South Australian market, putting downward pressure on
power prices.”

“This important milestone is a significant step in the development of
the Aurora solar thermal power station, which will bring SolarReserve’s
world-leading clean power generation technology to South Australia,”
said SolarReserve’s CEO Kevin Smith. “The remarkable story
of the transition of Port Augusta from coal to renewable energy – which
won a competitive tender against fossil fuel – is also a preview of the
future of power generation around the world.”

Minimising Environmental Impact while Maximising Local Benefits

As part of SolarReserve’s project development process, the company
collaborates with stakeholders and local communities to ensure the
project has minimal environmental impact while working to maximise
benefits for local communities. The Aurora Solar Energy Project has had
overwhelming support from not only the Port Augusta and South Australian
community but a range of local agencies and organisations including the
local Barngarla
Aboriginal Group. The Aurora Solar Energy Project is on schedule
with final approvals expected in the first half of 2018 and construction
expected to commence shortly thereafter.

Dispatchable Electricity, Day and Night

The first of its kind in Australia, the Aurora
Solar Energy Project will utilise SolarReserve’s world leading solar
thermal technology with integrated molten salt energy storage. Aurora
will generate electricity and collect and store the sun’s energy during
the daytime – in essence ‘charging’ its own salt battery for use after
the sun has set. The power station will provide the equivalent
electricity needs of all of the State’s schools, hospitals, police
stations, and government buildings over a full year.

Aurora’s massive 1,100 megawatt-hours of storage will provide 8 hours of
full load power after dark. This means that, from storage (its ‘salt
battery’) alone, Aurora will be capable of powering South Australia far
in excess of State Government buildings, the equivalent of over 230,000
homes for 8 hours, or around 35% of all of the households in South
Australia.

Creating Jobs and Economic Benefits for South Australia – Today and
Tomorrow

Because a solar thermal power station operates like a conventional coal
or gas power station, many of the jobs require the same skill sets as
conventional energy jobs – from its construction phase through to
operations. Aurora is an example of how sustainable solutions are able
to foster new industries and create new jobs for South Australia:

• 4,000 direct, indirect and induced jobs will be created during
  construction, with a significant portion of those created in South
  Australia
• 650 full time construction jobs are expected for a duration of 30
  months
• 50 full-time, permanent jobs will be required for operations and
  maintenance
• Equipment and services will be purchased across South Australia, which
  will support an entirely new industry and develop a supply chain,
  which will be leveraged for other solar thermal projects in South
  Australia and the broader region

As part of this transformative project, SolarReserve will be
establishing a research partnership with South Australian universities
to advance solar thermal research and education in South Australia.

About SolarReserve

SolarReserve is a leading global developer, owner and operator of
utility-scale solar power projects, with more than $1.8 billion of
projects in operation worldwide. The company has
commercialised its proprietary ThermaVault™ advanced solar thermal
technology with integrated molten salt energy storage that delivers
renewable energy that is dispatchable 24/7. The technology is now one of
the world’s leading energy storage technologies, and allows solar energy
to operate like traditional fossil-fired and nuclear electricity
generation – except the fuel is the sun which means zero emissions, zero
hazardous waste, and zero dependence on fuel price volatility.

Since the company's formation in early 2008, SolarReserve's experienced
team has assembled a pipeline of over 13 gigawatts across the world's
most attractive, high growth renewable energy markets. SolarReserve is
headquartered in the US, and maintains a global presence with six
international offices to support widespread project development
activities across more than 20 countries.

Contacts

SolarReserve
Mary Grikas, (310) 315-2274
[email protected]