The Australian Renewable Energy Agency (ARENA) announced Monday that on behalf of the Australian Government, it had granted $65 million in funding for Vast Solar to build VS1, a unique 30 MW/ 288 MWh concentrated solar power (CSP) plant near Port Augusta, South Australia.
The project, which will generate hundreds of employment and serve as the foundation for a CSP industry in Australia, has advanced thanks to the funding.
The initiative also aims to show how CSP can offer a reliable and scalable dispatchable renewable energy option in the Australian market.
In particular, CSP uses mirrors to concentrate and capture heat from the sun in solar receivers, with high-temperature heat transferred via sodium and stored in molten salt.
The heat stored can then be used to decarbonise various industrial processes or heated water to create steam to drive a turbine and generate energy.
ARENA CEO Darren Miller said the growth of Vast Solar’s technology into a commercial-scale operation demonstrates how CSP technology may be crucial for producing and storing renewable energy at scale.
“With the increasing need for dispatchable renewable generation and longer duration energy storage, CSP has potential to assist Australia’s energy transition alongside pumped hydro and large scale batteries,” Mr Miller said.
“Vast Solar’s global recognition as a leader in CSP technology innovation, combined with its significant technical and commercial expertise, mean that it is well placed to deliver Australia’s first large-scale CSP plant which should deliver power at a cost competitive with other forms of renewable generation,” the CEO added.
Meanwhile, Craig Wood, CEO of Vast Solar said the Australian government’s desire to provide cost-effective, dispatchable renewable energy is illustrated by its use of CSP technology, which also supports regional employment and industry.
Since 2012, ARENA has backed the Vast Solar technology, contributing $9.9 million to the 1.1 MW CSP Pilot Plant in Jemalong, New South Wales.
