Natcore Technology JV Chooses Site for Australia Solar Farm

Natcore Technology Inc. (TSXV:NXT) partner Denzo Group Australia has selected a 90-hectare site in the Wide Bay-Burnett region of Queensland, Australia, as the location for a 30-megawatt large-scale solar farm.
To be developed in partnership with Natcore, the site would be developed to a shovel-ready stage with storage of 30 per cent in three 10-megawatt modules.
In September, 2013, Denzo and Natcore signed a memorandum of understanding, under which the companies started planning for Natcore Australia. Then in July, 2014, they announced plans to form a joint venture that would produce solar cells and solar panels in Australia, with Australia as the headquarters for this activity. Official documentation for the current project will be finalized as a heads of agreement within 30 days.
Under terms of the heads of agreement, Denzo will co-ordinate the purchase of the land, all of the required approvals and the designation of the facility to be recognized as a solar power station, as well as the connection to an approved substation to export the electricity to the grid.
Natcore is preparing equipment recommendations on a best-of-breed basis (it is putting forward items that would be selected from manufacturers in Germany, China and elsewhere around the world). Each piece of equipment would be the best in its category according to criteria agreed upon with Denzo (such as most efficient, cleanest operating, lowest cost). Natcore has recently entered into similar agreements in Belize and Vietnam.
Jointly, Natcore and Denzo will develop a better-than-usual-return-on-investment scenario over a 30-year tenure. Natcore and Denzo will participate in a portion of the power purchase agreement.
“Queensland is known to be an excellent environment for solar energy,” says Ken Mathews, Managing Director of Denzo. “The Queensland Government has released a plan to have a target of 50% Renewable Energy by 2030, hence the opportunity for high growth.”
“This project will place Natcore at the forefront of the Asia Pacific Area for Renewable Energy,” says Natcore President and CEO Chuck Provini. “Both parties look forward to the signing of the subject Heads of Agreement.”
Connect with Natcore Technology Inc. (TSXV:NXT) to receive an Investor Presentation.