case
Canigou Australian Solar Energy (CASE)
A pipeline of ready to build solar assets in Australia
CASE has identified an opportunity to develop c140 MW solar production by consolidating 22 ready to build solar projects of 4.99MW (AC) in a single energy sales market with identical legal structure SPVs, operating with a single development partner, consistent optimised solar designs and a portfolio level EPC contractor delivering the build and the operations & management. This will deliver a uniform and de-risked portfolio of 22 solar assets over a 36 month timeline.
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CASE has now secured a pipeline of 22 identical ground based solar plants and set up the appropriate relationship with key partners to build and operate the portfolio. CASE is now entering the operational phase the business plan which will result in the funding and construction of the 22 100% owned SPVs. It is the intention of CASE to utilise debt and equity up to a maximum of gearing of 50% to fund the business plan. Completion of Phase 1 of the business plan will be achieved within 36 months and thereafter the assets will be managed under agreement by Canigou Capital for CASE to optimise performance, maintain capital value of the assets and thereby return a consistent dividend yield to shareholders.
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Why Australia?
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Reason 1: Growth in Solar deployment
Installed capacity from all energy sources in Australia is expected to grow from 75GW in 2019 to 190GW by 2050 of which renewable capacity is set to grow from 15 GW to over 160GW. Solar will be the driving force of this change making up over 40% of total capacity by 2050.
Reason 2: High Irradiation and Untapped Potential
Studies define the most favourable belt for solar energy production to be between 15°N/S and 35°N/S. These regions have the greatest amount of solar radiation, more than 90% of which falls directly because of limited cloud coverage and rainfall.
Almost 90% of Australia's territory lies perfectly within the latitudes of 15°S and 35°S, meaning that it is one of the few countries that lie almost entirely within the most favourable sun belt on the planet.
Reason 3: Sizeable Peak Demand and High Energy Pricing
Australia has a high price for electricity, when combined with high irradiation, this representing a very favourable opportunity for solar development. Average prices in New South Wales in 2019 were 38.6c per Kwh which is higher than the European average. With a strong manufacturing/industry fuelled economy and a sizeable peak demand in summer, due to energy intensive cooling and air conditioning systems, that matches perfectly with peak solar generation. The Australian market for the sale of solar electricity is divided into two specific routes and the expected IRR for any project is determined by which route or blend of them is chosen to sell the generated electricity.
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In focus: New South Wales
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Canigou are developing town-scale solar farm projects around regional Australia through our subsidiary Shine Australia One. Individual projects are in the range of 5MWp and are connected to the local distribution network, rather than the long-distance transmission network, which is more cost effective. CASE is the next step in the programme bringing the ready to build projects to operational status.
The scale of each project is designed to match current and projected future demands for electricity (e.g. residential, commercial, industrial) within a given community. This means that the clean energy generated will be used locally. When choosing sites, we consider a variety of factors, including proximity to good quality network infrastructure, Council and State zoning restrictions, topography, and vegetation. Road access and availability of labour are also important considerations.
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secondary project focus
primary project focus
An average solar project:
4.99MWp connection
30
years of generation
15
ha of land
12.6
GW generated pa
14,000
solar panels
6,000
tCO2e avoided per year
2,560
homes powered
Meet the CASE board
Craig Copeland
Joint CEO and CIO
Over 20 years’ experience in project management, with the last 15 years focused on the low carbon industry. Extensive multi- jurisdictional, multi-team, project management experience having overseen multi-million pound low carbon EU commission funded projects.
Justin Passfield
Joint CEO and CFO
Chartered Accountant and formerly European Chief Financial Officer at Alliance Bernstein, UK Chief Financial Officer at Dutch investment bank, ABN Amro, and before that was Finance Director of Barclays Private Bank.
Simon Ashby-Rudd
Independant Chairman
Over 30 years of Corporate Finance experience working international in Europe, Asia and the Americas and most recently in Africa providing strategic and financial advice to global corporates, with particular focus on the Energy Sector.