SolarReserve Applauds Queensland’s Commitment to Renewable Energy and Solar Thermal Technology

ADELAIDE, Australia–(BUSINESS WIRE)–#Australia–The Government of Queensland, Australia, has announced
the Powering Queensland’s Future Plan – its commitment to deliver
affordable and stable power for Queensland households, businesses and
industry, while acting on climate change. As part of this commitment,
the Government will:

• Create a publicly owned power generation company, CleanCo, with a
  mandate to deliver 1,000MW of new renewable energy projects for
  Queensland, with a focus on flexible dispatchable generation, and
• Provide capital funding of $50 million to support a baseload solar
  thermal power station, which can provide electricity in Queensland
  even at night

SolarReserve
fully supports Queensland’s commitment to renewable energy, and
specifically to solar thermal technology. With the pledge of $50 million
in funding for solar thermal, along with a publicly owned generation
company that will deliver up to 1,000 megawatts of renewable projects by
2025, through mechanisms including signing power purchase agreements,
the Queensland Government is establishing a policy framework that will
facilitate investment in solar thermal projects in the State.

SolarReserve, the global leader in solar thermal technology with molten
salt energy storage, is looking at sites across Queensland to develop up
to six solar thermal facilities, representing a $3.8 billion AUD
investment in Queensland in the next 10 years that will deliver up to
900 megawatts of fully dispatchable firm renewable electricity, creating
up to 24,000 direct, indirect and induced jobs. In August, SolarReserve
signed a long-term Generation Project Agreement (GPA) with the South
Australian Government to build the 150 megawatt Aurora
solar thermal power station with 8 hours of energy storage near the town
of Port Augusta, 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 seven
international offices to support widespread project development
activities across more than 20 countries.

Contacts

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