SolarReserve Signs Agreement with South Australian Government for 150 Megawatt Solar Thermal Project with Energy Storage

The Aurora Solar Energy Project near Port Augusta includes 1,100
megawatt-hours of energy storage in order to meet peak electricity
requirements, day and night

ADELAIDE, South Australia–(BUSINESS WIRE)–#CSP—SolarReserve
has signed a long-term Generation Project Agreement (GPA) to build a 150
megawatt solar thermal power station with 8 hours of energy storage near
the town of Port Augusta, South Australia. The GPA with the State
Government of South Australia was signed today at a ceremony with Jay
Weatherill, Premier of South Australia, and Energy Minister Tom
Koutsantonis.

“The Port Augusta story is a stark example of the transition of the
South Australian economy, with the closure of a dirty coal fired power
station, and now the commissioning of this world leading renewable
energy project,” said South Australia’s Premier Jay Weatherill.

“The Aurora Solar Energy Project will also create new, advanced
employment opportunities in regional South Australia,” said South
Australia’s Energy Minister Tom Koutsantonis. “We are using our energy
plan to drive investment and jobs in this growing sector.”

Providing Power When It’s Needed Most

The first of its kind in Australia, the Aurora
Solar Energy Project will utilise SolarReserve’s leading solar
thermal technology with integrated molten salt energy storage. With a
massive 1,100 megawatt-hours of energy storage capability, Aurora will
be the largest project of its kind in the world, designed to meet the
South Australian Government’s annual electricity consumption.

The Generation Project Agreement is similar to a Power Purchase
Agreement for renewable energy, except that emphasis is placed on the
available capacity of the facility during peak demand periods rather
than just the energy that can be delivered in kilowatt-hours. Aurora
will deliver power into the National Electricity Market (NEM) at high
value electricity periods, providing additional capacity, energy
security and reliability services, as well as competition into the South
Australian market.

“SolarReserve’s energy storage technology is an excellent fit for the
South Australian electricity system,” said SolarReserve’s CEO Kevin
Smith. “Aurora will provide much needed capacity and firm energy
delivery into the South Australian market to reduce price volatility.
SolarReserve looks forward to continuing to work with the South
Australian government and stakeholders, including the Port Augusta
community where the project is located, to support Federal and State
renewable energy targets, stimulate long-term economic development, and
create new jobs and businesses.”

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.

“The Aurora project brings the most advanced power generation technology
to South Australia, supporting its energy security and carbon reduction
objectives,” said Tom Georgis, SolarReserve’s Senior Vice President of
Development for SolarReserve. “It also represents a significant
opportunity for South Australian workers and businesses to participate
in this exciting project.”

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. The company currently has an
office in Perth, and will be opening its permanent Australian
headquarters in Adelaide by the end of 2017.

Contacts

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