Take 5: An interview with… Alan Yu, co-founder & Chief Investment Officer of Providence Asset Group

Thanks for taking five with H2 View. It’s our Power issue, and we know Providence Asset Group holds the largest community-based solar farm portfolio in Australia, set to be used to create green hydrogen to power regional communities. Tell us more…

The groundbreaking game-changer is the 30MWh advanced hybrid storage technology – including hydrogen storage and traditional Li-ion batteries that will be attached to each regional community solar project. The hybrid battery storage system developed at UNSW, is a compact and transportable hydrogen storage solution that has proven highly effective in storing and generating renewable energy, reducing the fluctuation of renewable generation and increasing confidence in the security of energy supply.

The close to $1bn investment plan includes $400m in the development of the solar farms themselves, and another $500-$600m in storage solutions for energy that’s generated with a targeted total 1.2GWH storage capacity cross the entire portfolio; or the equivalent energy to power 40,000 homes for 6 hours during the peak demand period.

H2 View understands Providence Asset Group’s portfolio spans solar farms in New South Wales and Victoria, and you’ve identified 28 sites in total. Are you targeting any other states for these locations? Or maybe you have your eye on other states for future expansion that you can share with us?
Yes, the master plan now includes 29 solar farms across the NSW state (23 sites have been secured) and 11 solar farms (completed and commissioned) across the Victoria state in Australia, a mix of Providence-owned and community-owned projects, along with innovative storage facilities based on technology pioneered in Australia. The development of low-cost hydrogen storage translates to untold benefits for our homes and businesses. It’s incredibly satisfying to see this technology developed by the UNSW Sydney being used in large-scale applications and helping establish Australia as a leader in the transition to renewable energy.

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