In this post of 11 May 2015, I analysed the Levelised Cost of Electricity (LCOE) for a proposed large PV installation at Barcaldine in central Queensland. The project has now reached financial closure and the specifications of costs and output have drifted somewhat. Here’s a quick revision of the LCOE based on details in this press release.
The peak output is now 20 MW AC at grid voltage (25 MW DC from panels to the inverters). Previously the output was stated as 23.6 MW, without reference to AC or DC. The annual output is unchanged at 53,000 MWh. The panels will have single axis tracking and the Capacity Factor will be 0.301. The project is due for completion in April 2017.
The cost is now estimated to be AUD 69 million (previously “between AUD 55 million and AUD 65 million”; I used AUD 60 million in my LCOE estimate). Financing for the project is helped by a grant of AUD 22.8 million from the Australian Renewable Energy Agency (ARENA) and AUD 20 million in debt finance from the Clean Energy Finance Corporation (CEFC).
Using my standard methodology (see almost any post in this blog, especially my original post for 11 May 2015 on Barcaldine), my revised estimate for the LCOE is AUD 148 per MWh (previously AUD 129 per MWh). My LCOE graphic gives comparisons.