EDF's Australian unit, a subsidiary of French energy giant EDF, has pledged EUR 10 million (USD 10.8 million) in support of Australian concentrated solar power (CSP) specialist Vast Renewables Ltd. The collaboration aims to foster the development of CSP projects in Australia, as announced by Vast on Friday.
The capital commitment hinges on the successful conclusion of Vast's merger with Nabors Energy Transition Corp (NYSE:NETC), a special purpose acquisition company (SPAC) associated with Nabors Industries Ltd (NYSE:NBR), the operator of the world's largest land-based drilling rig fleet.
Vast Renewables has already secured conditional grant funding of up to AUD 65 million (USD 42.7 million/EUR 39.6 million) from the Australian Renewable Energy Agency (ARENA) for its Vast Solar 1 project. This initiative is set to establish a 30-MW CSP plant with 288 MWh of thermal storage in Port Augusta, South Australia. Notably, it will be situated alongside Vast's Solar Methanol 1 green methanol demonstration plant, a joint venture with German energy company Mabanaft, which has received funding from a collaborative effort between the Australian and German governments.
Craig Wood, CEO of Vast Renewables, expressed optimism about the partnership, stating, “As one of the largest energy utilities in the world, EDF operates gigawatts of renewable projects and has world-leading expertise in the use of sodium as a heat transfer fluid. We look forward to working with EDF Australia to deliver long-duration storage and green fuels projects, using our CSP technology to accelerate the decarbonization of Australian industry,” Wood added.
