Vena Energy has reached financial close on the first stage of the 125 MW Wandoan South solar project, under construction near Wandoan in the Western Downs region.

 Vena Energy Australia head Owen Sela said stage one would make a significant contribution to the local, regional, and national economy throughout its lifespan.

The company anticipates a peak workforce of about 350 people as well as business opportunities for local companies within the region.

Vena Energy is also behind the Wandoan South Battery Energy Storage System (BESS), which began commercial operations in August.

The BESS was the first piece in the company’s Wandoan South project, approved to generate up to 1000MW of solar electricity and 450MW of energy storage, to be developed across several stages.

The $650 million Wandoan South solar project will be capable of producing up to 365 gigawatt hours of energy annually, or the equivalent of supplying clean renewable energy to about 60,000 averaged-sized Australian households.

“Even accounting for recent cost inflation trends, solar PV is still one of the most cost-competitive sources of energy in Australia today,” Mr Sela said.

“With the Wandoan South solar project, Vena Energy continues to serve its customers’ demand for affordable and clean electricity whilst helping them decarbonise and contribute towards Australia’s net-zero targets.”

Vena Energy’s partner banks DBS, ING, Intesa Sanpaolo, OCBC Bank, and SMBC have agreed to provide debt and ancillary facilities to the 125 MW Wandoan South Solar Stage 1 works.