THE BOURSE WHISPERER: Red Sky Energy (ASX: ROG) has reported two of the proposed 500 photovoltaic (PV) Soleir Systems have been installed on the site of the Dubbo Solar One project.
“The company is delighted to report that the installation of the PV solar panel systems proceeded according to plan, without a problem,” Red Sky Energy said in its ASX announcement.
“The successful installation has validated the design and construction methods of the company’s proposed utility-scale PV solar power project in Dubbo.”
The 2.5 megawatt Dubbo Solar One project is being developed by Red Sky’s solar energy subsidiary business, SOLEIR.
The Dubbo project is SOLIER’s first utility-scale project.
Each Soleir System comprises 18 PV panels and an associated five kilowatt inverter.
The panels are placed in a fixed tilt configuration on the project site, with panels permanently tilted to the north to capture maximum sunlight.
Source: Company announcement
Red Sky explained SOLEIR’s next major milestone would be to gain regulatory approval for the project’s proposed funding structure, saying this is anticipated to happen soon.
Red Sky acquired SOLEIR in November last year.
SOLEIR has a 30 year lease for the project site from the Dubbo City Council and development approval for the 2.5 megawatt project is in place.
The project requires only five hectares, and the site has the potential to accommodate an expanded project, of up to 12 megawatt.
Another Red Sky subsidiary, Rhythm Section Investment Management, has been granted an Australian Financial Services Licence (AFSL) by the Australian Securities and Investments Commission (ASIC) (see ASX announcement, 9 July 2013).
The AFSL will help facilitate the project’s unitised ownership structure.