Solar developer Frontier Energy is lighting up the ASX
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Solar energy project developer Frontier Energy has resumed trading on the ASX following strong demand for its $8m capital raising.
The former Superior Lake Resources is currently developing the 114 megawatt Bristol Springs Solar (BSS) Project in Western Australia’s South West region about 120km south of Perth as its first step towards becoming an integrated clean energy company.
BSS is well advanced with development approval granted and an electricity connection application already in progress while world class supporting infrastructure will ensure rapid advancement towards production.
Frontier Energy (ASX:FHE) will also assess potential expansion of the project and additional clean energy alternatives in the future, including wind energy, storage as well as green hydrogen production.
Proceeds from the capital raising will be used to continue development of the BSS project including payment of land option and lease fees, complete solar front end engineering design (FEED) and undertake a range of studies relating to the project.
Other members of the board include Grant Davey as its non-executive director, Chris Bath as an executive director and Dixie Marshall (non-executive director).
“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. This is why we decided to transition from mining exploration and focus on clean energy opportunities,” Young noted.
Young said the company is also keen to assess the production of green hydrogen.
“This is in line with the WA Government’s plan to produce and export green hydrogen by 2030 in the same quantity as LNG gas produced for export,” he concluded.
“This strategy, led by Hydrogen Minister Alannah MacTiernan, has highlighted the need for WA green energy projects and hydrogen manufacturing capability.
“We will also look at investing in other renewable energy projects, such as wind projects or other solar projects.”
The BSS project is designed to produce an initial 114MW of electricity using latest generation technology to deliver a relatively low-cost energy solution connected into the backbone of the South West Interconnected System (SWIS).
Additional and acquisition opportunities are available that could allow an increase in solar power generation of up to about 490MW.
It is located in the heart of WA’s southwest, which is one of the fastest growing regional areas in Australia with a supportive local and state government regarding the future requirement for renewable energy solutions in the region.
BSS is also located close to the Port of Bunbury with excellent supporting infrastructure including roads, water, airports, multiple ports, and a highly skilled local workforce.
This article was developed in collaboration with Frontier Energy, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.