Ark Energy has secured a financial investment decision (FID) for its $1.3 billion Richmond Valley Solar Farm & Battery Energy Storage System (BESS), to be built 25km south of Casino in the Northern Rivers region of New South Wales (NSW).
The FID was approved by parent company Korea Zinc in Seoul, positioning Ark Energy to receive a financing package comprised of $586 million in equity funding and $716 million in debt financing.
The Richmond Valley Solar Farm & BESS is the first build-to-own project in Ark Energy’s development portfolio to secure FID.
Related article: Richmond Valley Solar & Storage project gets planning tick
The financing will fund the hybrid project’s priority stage, consisting of a 200MW AC solar farm and a long-duration Lithium-iron phosphate (LFP) BESS with a power capacity of up to 275MW and storage capacity of 2,200MWh.
Ark Energy CEO Michael Choi said the decision reflected the project’s strategic importance to the business and its strong economic fundamentals.
“This approval represents a strong endorsement from Korea Zinc and confirms its continued commitment to supporting the Richmond Valley project and Ark Energy’s growth ambitions,” he said.
“We are thrilled to have reached this major milestone and look forward to moving the project into the next phase of financial close and construction.”
Ark Energy secured planning approval for the project from the NSW Government in October 2025, approval without conditions under the Environment Protection and Biodiversity Conservation Act 1999 from the Australian Department of Climate Change, Energy, the Environment and Water in December 2025, and grid connection in June 2026.
The project has a Long-Term Energy Service Agreement (LTESA) under the NSW Electricity Infrastructure Roadmap’s incentive scheme and is listed in the Australian Government’s National Renewable Energy Priority List.
In March 2025 Ark Energy signed a supply agreement for the BESS with Hanwha Energy and in September 2025 signed an Early Contractor Involvement (ECI) agreement with Elecnor Australia.
Related article: Vestas acquires Tasmanian wind farm from Ark Energy
Environmental commitments also include the establishment of a new 30-metre-wide biodiversity corridor and planting of native species to improve connectivity between the nearby Ellangowan and Bungawalbin State Forests.
Financial close is on track for September 2026 with construction expected to commence in October 2026, and operation targeted for January 2029.
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