Snowy Hydro, operators of the iconic hydro scheme in NSW, says it is looking to purchasing agreements with new large scale solar projects as a key part of its future strategy.
The company’s chief Paul Broad cited the rapid fall in solar costs and synergies with the rest of Snowy’s business, the improving utility scale storage technology, and said solar was of more interest than wind power.
“The price is down significantly, so we think the whole solar-storage concept is where the market is going to move to,” Broad told a reporter from SeeNews Renewables.
“Wind will play its role but it’s nowhere near as attractive to us as solar.”
Snowy has also diversified recently as a producer, purchased the Colongra peaking plant in NSW for $234 million, and spend $800 million on acquisitons two years ago.
Broad also said that the market was driving Snowy in the direction of further integration as a way of managing risk and “controlling your own destiny.”