Australian Govt approves funds for solar hydro project

14 June 2021

The Australian Renewable Energy Agency (ARENA), on behalf of the Australian Government, has approved $15 million in funding to RayGen Resources Pty Ltd (RayGen) to construct a ‘solar hydro’ power plant comprising 4MW of solar PV generation and 3MW/50MWh (17 hours) of dispatchable storage capacity in north-west Victoria.

RayGen’s power plant consists of RayGen’s proprietary PV Ultra, a concentrating photovoltaic solar co-generation tower, combined with its patented electro-thermal storage. RayGen’s concentrated PV technology generates heat as a by-product which is captured and used for thermal storage. The electro-thermal storage system consists of an Organic Rankine Cycle (ORC) turbine, industrial chillers and two insulated water-based thermal storage pits or reservoirs, each roughly the size of four Olympic size swimming pools. One of the reservoirs is kept at a temperature of 90 degrees and the other at close to 0 degrees, and the temperature difference is used to generate dispatchable electricity using ORC turbines.

RayGen’s technology offers a renewable, modular and scalable solution to the emerging need for longer duration storage that has been identified by the Australian Energy Market Operator in its Integrated System Plan.

The $30 million project includes this fully dispatchable renewable energy facility as well as a new manufacturing facility that will allow RayGen to prepare for forecast growth and expansion of its project pipeline in Australia.

RayGen expects that subsequent larger scale projects will achieve the Low Emissions Technology Statement stretch goal of providing firmed renewables for under $100 / MWh.

The demonstration scale facility will be located in Carwarp, Victoria near Mildura, and will export renewable electricity to the National Electricity Market (NEM). The project will participate in wholesale energy and Frequency Control Ancillary Services (FCAS) markets once operational, and is eligible for Large-scale Generation Certificates.

The company has successfully completed a capital raise for $27 million in equity from parties including AGL, Schlumberger New Energy, Photon Energy, and Chevron Technology Ventures alongside new and existing investors. RayGen has also negotiated an offtake agreement for the project with AGL.

The project builds on a feasibility study and development work supported by an ARENA grant of $3 million that was announced in March 2020.



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