Photon Energy, an Amsterdam-based renewable energy company providing energy and water solutions in Europe and Australia, has joined forces with Melbourne-based energy technology company RayGen Resources to inaugurate a new RayGen solar with storage project in Carwarp, Victoria.
“We are delighted to celebrate the opening of the RayGen solar project, an important milestone in Australia’s energy transition and beyond,” said Georg Hotar, CEO of Photon Energy Group. “As RayGen technology solves the problem of solar intermittency by exporting electricity day and night and charging from the sun and the grid, we believe this technology has the potential to be implemented on a larger scale and are making every effort to develop a similar 200 MW solar energy storage plant in Yadnarie, South Australia.”
“We are excited to celebrate this exciting company milestone with Photon Energy, a significant partner and investor in RayGen. Photon Energy joined the lead engagement for the Carwarp project and provided invaluable advice and support during delivery. Once this project is commissioned, we can focus on delivering our growing portfolio of projects, particularly the Yadnarie Solar Farm with Photon Energy,” said Richard Payne, RayGen CEO.
The RayGen Carwarp plant will add 4 MW of high efficiency solar and 2.8 MW/50 MWh (17 hours) of thermal storage capacity to the West Murray grid.
As part of its 1.2 GWp project, Photon Energy is developing a 200 MW solar project coupled with 115 MW of thermal storage (up to 24 hours) in Yadnarie, Australia, using RayGen technology. Photon Energy hopes to reach a final investment decision on the Yadnarie project on South Australia’s Eyre Peninsula by the middle of next year.
Photon Energy Group entered into a strategic partnership with RayGen and announced its initial investment in RayGen in April 2020, joining investors such as AGL Energy, Equinor Ventures, Chevron Technology Ventures, SLB (the new name for oil services giant Schlumberger ) and the Australian Renewable Energy Agency (ARENA).
Along with the development of RayGen projects, Photon Energy Group has since April 2020 made several equity investments in RayGen, maintaining a 7.6% stake in the high-tech company.