New England Solar Farm Boosts Profits Amid Grid Outages
Australia’s largest solar project, the New England solar farm near Uralla in northern NSW, has reported a significant increase in profits over the past year. Despite facing restrictions on its output due to grid outages in October, the project has seen a threefold rise in profits as it moves towards full capacity.
The solar farm, currently rated at 400 megawatts (MW), is set to expand to an impressive 720 MW upon the completion of the second stage by its owners, Acen Renewables, in the coming years. Acen, a Philippines-based company, recently disclosed its full-year profits for 2024, highlighting the growing significance of its Australian renewable energy and storage projects.
Expansion Plans and Achievements
In addition to the New England solar farm, Acen is nearing completion of the 400 MW Stubbo solar farm in central west NSW, expected to be operational later this year. The company has also commenced the construction of a large battery at the New England site, which will have a capacity of 200 MW and 400 MWh upon completion.
Furthermore, Acen’s 936 MW Valley of the Winds project in NSW has been recognised as the largest among the 19 winners of the federal government’s Capacity Investment Scheme tender for new wind and solar projects. The company has also secured a long-duration storage underwriting agreement for the Phoenix pumped hydro project in NSW and has plans to develop the Robbin Island wind project in Tasmania.
Financial Performance and Future Outlook
Acen’s annual results reveal that the New England solar farm significantly increased its production to 784 megawatt hours in 2024, up from 521 MWh in the previous year. Despite facing challenges such as grid outages in October 2024, the farm’s revenue surged to 2.4 billion Philippine pesos ($A66 million) from PP829 million in 2023, with earnings reaching PP1.88 billion from PP558 million.
The company anticipates continued growth in output, revenue, and profits in 2025, driven by the imminent completion of the Stubbo solar project, which is currently 91% finished. Acen’s Australian projects represent approximately 25% of the group’s total capacity, including committed and under-construction ventures.
In a statement accompanying the results, Acen’s President and CEO, Eric Francia, affirmed the company’s dedication to expanding renewable energy initiatives in the Philippines and the wider region. CFO Jonathan Black emphasised the focus on execution to deliver strong and stable investor returns in the long term.
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