Magnetar Capital has made an investment in Lyon Solar to support the development of its large-scale solar photovoltaic (PV) projects in Australia.
Lyon Solar’s current pipeline includes more than 1000MW of grid-connected solar PV advanced development opportunities.
These are large-scale, low-cost projects that span a number of Australian states.
“We are delighted to welcome Magnetar as a partner in Lyon Solar,” Lyon Group partner David Green said.
“We have one of the most significant pipelines of large-scale solar projects in Australia, including 144MW Kingfisher in South Australia and 96MW Lakeland 80 in far north Queensland.
“Magnetar’s investment helps to position Lyon Solar to seize the opportunity presented by federal commitments to decarbonize Australia’s energy sector and the continued decline of solar PV costs.
Magnetar intends to make additional investments to assist in further developing Lyon Solar’s pipeline with a number of projects due to be operational in the 2017 calendar year.
These projects would utilise only first-tier equipment and construction partners.
The partnership brings together Lyon Solar’s wealth of experience in large-scale energy projects and Magnetar’s expertise in energy investment.
Magnetar has previously invested in 32 solar projects in the UK representing 344MW.
The deal marks Magnetar’s first investment in the Australian solar sector.