Aussie miner Frontier Energy bets on clean energy with 114-MWp
Australian mining explorer Frontier Energy (ASX:FHE) is working on a 114-MW DC solar project in Western Australia under a broader strategy to become an integrated clean energy company.
The Perth-based company said on Thursday that its stock has restarted trading on the Australian bourse after an AUD-8-million (USD 5.9m/EUR 5.5m) fundraising to support the photovoltaic (PV) project. The fresh capital will go for covering land lease payments and project-related studies.
The so-called Bristol Springs solar scheme is the first of a series of renewable energy initiatives planned to be undertaken by the mining group. Among them are installing wind and energy storage capacity and the production of green hydrogen.
To be located in Western Australia’s South West region, the Bristol Springs project has received development approval from state regulators, while an application for an electricity transfer access contract (ETAC) is in progress with Western Power. According to Frontier Energy, additional land acquisition opportunities are available that could enable the project to reach up to 490 MW DC in capacity.
“The renewable energy industry offers significant growth opportunities, particularly to support nearby aluminium mining and the Collie and Kwinana industrial precincts, all of which require massive decarbonisation," said managing director Mike Young.