en.Wedoany.com Reported - Frontier Energy has secured firm commitments from investors through a conditional placement, raising AUD 110 million (approximately USD 77.4 million) before costs, to fund the first phase development of its Waroona Renewable Energy Project in Western Australia (WA).
The first phase of the project, located on 820 hectares of land approximately 120 kilometers south of the state capital Perth, will build a 132 MW solar farm and an 81.5 MW/565 MWh battery energy storage system. The capital cost (including contingencies) for this phase is AUD 327 million.
Frontier stated that the capital estimate includes a larger solar plant, with capacity increased from the initial 120 MW due to the adoption of higher-efficiency 660 W modules (previously 610 W). The battery capacity has also been expanded from the initial 80 MW/360 MWh to comply with reserve capacity obligations and enhance flexibility, thereby maximizing electricity sales during peak demand periods. The Perth-based developer said these changes will "increase generation and sales volumes and improve economics." The multi-stage project is planned to ultimately include approximately 1 GW of solar generation capacity and up to 660 MW of battery storage.
Frontier Executive Chairman Jamie Cullen said the equity raising was "a key achievement" for the project, as it paves the way for "first phase senior debt financing to progress to binding credit approval and financial close." "We will then be ready to commence construction of Phase 1 and continue development work on Phase 2," he added. "The interest from new investors highlights the quality of our Phase 1 project and the subsequent Waroona development projects to create a major renewable energy zone in southwestern Western Australia."
As part of the Phase 1 financing process, Frontier said all major engineering, procurement, and construction contracts have been advanced to execution stage, including contracts for major works and key equipment supply. Frontier aims to begin Phase 1 construction later this year and achieve commercial operation by the end of 2027. This financing milestone follows the project's Phase 1 success in the first WA Capacity Investment Scheme (CIS) tender. Frontier has also secured capacity credits for the Waroona Project Phase 1 under the Australian Energy Market Operator's (AEMO) Reserve Capacity Mechanism (RCM).
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