Concentrated solar thermal power (CSP) specialist Vast Renewables has been placed into administration despite having recently raised $5.3 million from major shareholders to progress its Vast Solar 1 (VS1) and Port Augusta Green Energy Hub projects.
Related article: Vast seeks capital to drive Port Augusta Green Energy Hub
KPMG‘s Peter Gothard and Amanda Coneyworth have been appointed voluntary administrators of the renewable energy company and its wholly owned Australian subsidiary companies.
Vast Renewables’ operations will continue as normal while the administrators complete an urgent assessment of the business and begin a sales process.
“KPMG is working closely with Vast’s management team to explore pathways that maximise the value of Vast’s major project VS1, and its interest in the Port Augusta Green Energy Hub,” Gothard said.
“The Administrators will be launching an urgent expression of interest campaign in the coming days, seeking parties interested in purchasing or recapitalising the business.”
Vast is developing VS1 in Port Augusta, South Australia—a 30MW/288 MWh concentrated solar thermal power (CSP) plant.
The Australian Government has agreed to support the project with up to $110 million in concessional financing, as well as up to $65 million in a non-dilutive equity grant from the Australian Renewable Energy Agency (ARENA).
Related article: Vast secures $180M from ARENA for construction of VS1
VS1 will use Vast’s modular tower CSP v3.0 technology and will be based at the Aurora Energy Project, 20km outside Port Augusta. VS1 will generate clean, low-cost, dispatchable power with more than eight hours of thermal energy storage.
