Funding locked in for solar thermal powered green methanol plant

Securing Funding for a Sustainable Methanol Plant: Solar Thermal Power to Drive Green Production

Green Fuel Production Facility Secures $A40 Million Funding for Solar Thermal Plant

A solar thermal powered methanol production facility, known as SM1, has successfully secured $A40 million in funding to support the construction of the Port Augusta plant. The project, a collaboration between Australian concentrated solar thermal energy specialist Vast Renewables and consortium partner Mabanaft, is set to supply green fuel for shipping and aviation.

The funding, announced over a year ago, includes up to $A19.48 million from the Australian Renewable Energy Agency (ARENA) for Vast, and up to €12.4 million ($A20.5m) from Projektträger Jülich on behalf of the German government for Mabanaft. This funding is part of the German-Australian Hydrogen Innovation and Technology Incubator program, HyGATE.

SM1 will be located on the site initially designated for SolarReserve’s 150MW Aurora project, which faced challenges related to financing and technology. Vast Solar, known for its successful 1.1MW plant in Jemalong, NSW, will also collaborate with local company 1414 to develop a 140MW big battery at the site, alongside their 30MW solar thermal plant with eight hours of storage.

The project is expected to reach financial close in 2023, with operations commencing in 2026. Vast

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