CEFC to co-finance Sundrop Farms solar greenhouse project
The Clean Energy Finance Corporation (CEFC) and Sundrop Farms have announced an in-principle agreement for the CEFC to co-finance a major greenhouse development at Sundrop’s farm in Port Augusta, South Australia.
The 20 ha greenhouse facility will use Sundrop Farms’ solar-thermal technology to desalinate seawater, relying mainly on renewable inputs and allowing food to be grown in regions usually considered not suitable for agriculture. By providing irrigation, heating and cooling in the greenhouses, the system will help produce over 15,000 tonnes of high-quality tomatoes a year for metropolitan markets across Australia.
CEFC CEO Oliver Yates said the project is “an example of the types of applications to which the clean energy technology can be applied to transform the Australian economy and create new industries in regional areas. Once implemented, this project would be a worldwide demonstration of sustainable horticulture practices that address growing food security, water and clean energy challenges.”
Minister for Climate Change Mark Butler MP welcomed the agreement, saying the CEFC is “a key catalyst for investments like this one.” He said the CEFC is a key part of the Rudd government’s policies to address global warming and cut carbon pollution, working alongside the emissions trading scheme, Renewable Energy Target and Australian Renewable Energy Agency.
The CEFC will be financing approximately one quarter of the project cost. Sundrop Farms founder and CEO Philipp Saumweber said the finance “provides an important foundation for the project, facilitating investment from other banks.”
The project should be completed by mid-2015 and will employ around 200 people once fully operational, plus provide opportunities for local and state-based businesses during the construction phase. Saumweber said the company has already completed a successful commercial trial of the system in Port Augusta and has received positive feedback from national customers.
The CEFC has financed several other clean energy projects in recent times.
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