Ark Energy has secured a financial investment decision (FID) for its Richmond Valley solar and BESS project in the Northern Rivers region of New South Wales, Australia. The decision, approved at an extraordinary board meeting of parent company Korea Zinc in Seoul on July 21, unlocks a AUD 1.3 billion financing package comprising AUD 586 million in equity and AUD 716 million in debt.
The financing covers the project’s priority stage: a 200 MW solar farm co-located with a lithium iron phosphate BESS with up to 275 MW of power capacity and 2,200 MWh of storage capacity, located about 25 km south of Casino, New South Wales.
Ark Energy said this is the first build-to-own project in its development portfolio to reach FID. The company’s broader approved project scope extends to up to 435 MW of solar and up to 475 MW of BESS capacity.
The Brisbane-based company said it secured planning and environmental approvals, grid connection, and government backing for the project in four years. The project received planning approval from the New South Wales government in October 2025. It received approval without conditions under the Environment Protection and Biodiversity Conservation Act from the Australian government in December 2025. Grid connection approval followed in June 2026, when Australia’s Energy Market Operator (AEMO) and network provider Transgrid approved connection to the local 330 kV network via a new switching station.
Ark Energy said the project will use grid-forming inverter technology and will be among the first hybrid solar-plus-storage projects in the National Electricity Market to operate through a single point of connection. Hanwha Energy is supplying the BESS under a supply agreement signed in March 2025, while Elecnor Australia is engaged as early contractor for engineering and design under an agreement signed in September 2025.
The project holds a long-term energy service agreement under the New South Wales Electricity Infrastructure Roadmap and is listed on Australia’s National Renewable Energy Priority List. Ark Energy said the project is expected to support more than 850 direct and indirect jobs during peak construction and generate approximately AU$180 million in local expenditure.
“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,” said Ark Energy CEO Michael Choi.
Financial close is targeted for September 2026, with construction expected to begin in October 2026 and operations targeted for January 2029.
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