Ark Energy secures financial investment decision for $900 million Richmond Valley solar farm and 8-hour battery storage project
Type: Financing · Technology: Hybrid · Country: Australia · Capacity: 435 MW · Value: $900M · Announced: 2026-07-24
Brisbane-headquartered clean energy developer Ark Energy has secured a financial investment decision (FID) for its $900 million Richmond Valley 435 MW solar farm and 275 MW / 2,200 MWh battery energy storage system (BESS). The FID was approved by parent company Korea Zinc, which is expected to provide $586 million in equity funding for the project. The remaining $716 million will be sourced through debt financing, with financial close targeted for September 2026. This project marks Ark Energy's first build-to-own development to secure FID, and it is designed with a single point of connection to Transgrid’s 330 kV network. Construction is slated to begin in October 2026, with full operational status anticipated by January 2029.
Analysis
Ark Energy Corporation has secured a financial investment decision for its $900 million Richmond Valley 435 MW solar farm and 275 MW / 2,200 MWh battery energy storage system in Australia. Parent company Korea Zinc, a global leader in non-ferrous metal smelting and refining, is expected to provide $586 million in equity funding for the project. Ark Energy, an Australian renewable energy developer, has 7 GW in development and 18 projects. The remaining $716 million will be sourced through debt financing, with financial close targeted for September 2026, and full operational status anticipated by January 2029.
Key points
- Ark Energy secured FID for $900 million Richmond Valley solar farm and BESS.
- Project includes 435 MW solar farm and 275 MW / 2,200 MWh battery storage.
- Korea Zinc to provide $586 million in equity funding.
- Debt financing of $716 million targeted for September 2026 financial close.
- Construction slated for October 2026, full operation by January 2029.
Counterparties
- Ark Energy Corporation (Borrower)
- Korea Zinc (Parent Company)
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