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Pacific Energy buys NovaPower

December 5, 2017 • News

Power station and energy infrastructure developer Pacific Energy Limited has agreed to acquire the 10MW Nova gas-fired power generation plant (Nova) in Traralgon, Victoria.

Commissioned in 2014 to generate quick response to electricity demand in peak periods, Nova features a technology that delivers lower emissions than traditional coal-fired power generation.

The Nova site has an ability to expand, with gas supply infrastructure in place to fuel a 20MW plant, subject to augmenting existing grid connection infrastructure.

Pacific Energy’s Managing Director, Jamie Cullen, said the Company has also identified other opportunities to enhance the power supply facilities at the 2 hectare site, with opportunities for battery storage technology and gas storage technology to be investigated.

“This is an exciting opportunity to expand our presence in the National Electricity Market, where there is clearly significant focus at present,” Mr Cullen stated.

“With the Federal Government’s new policy aimed at reliability as well as emissions, Nova represents a well-timed and affordable acquisition of a strategic asset that can be expanded to capitalise on opportunities in the NEM.”

“We will be developing an optimisation plan for the site which will include consideration of battery and gas storage as well as potentially entering into long term capacity contracts.”

The $7.5 million transaction will be funded from the Company’s available facilities.

Image credit: www.pacificenergy.com.au

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