China’s Juye Solar invests a further A$6 million in RayGen

24 Apr 2015

Chinese solar energy company Juye Solar has made a new investment of A$6 million in Australian technology leader RayGen Resources, which has developed the world’s first concentrated solar photovoltaic (CSPV) power station.

The pilot power station at Newbridge in regional Victoria was formally opened by the Australian Renewable Energy Agency (ARENA) and the Victorian Government.

Victorian Minister for Energy and Resources, Lily D’Ambrosio, said the opening of the pilot facility was ‘a significant milestone for an innovative Victorian company – one that opens up significant new investment opportunities, boosts Australia’s high-tech industry and creates high-paying jobs.’

At the ceremony, Juye Solar signed a A$6 million Memorandum of Understanding to enable RayGen to boost its manufacturing capacity. Juye Solar will invest a further A$15 million to develop RayGen’s offering in China.

Executives from the China Three Gorges Corporation (CTGC), a delegation of Chinese Government officials and representatives from China’s Development and Reform Commission attended the opening. CTGC plans to deploy 20 gigawatts of solar in the coming year.

RayGen, with the University of New South Wales, recently set the world record for the conversion of sunlight into electricity. The company said that with 40 per cent system efficiency, CSPV technology put solar ahead of fossil fuels for the first time.

RayGen Chairman and CEO, Robert Cart, said the global energy industry was in the midst of its most dramatic transformation ever, creating the biggest market opportunity in history.

‘The need to fulfil new energy demand requirements, along with the replacement of retired generation assets, will call for an estimated $10 trillion of investment by 2030 solely on new generation sources,’ he said in a company statement.

‘The International Energy Agency estimates that around two-thirds of this will be in developing countries, and solar will take the lion’s share. Australia is capable of commercialising – in a big way – world-leading technology innovation.’

The Victorian power station will supply 200 kilowatts of power to agricultural company Scato Plus.

RayGen develops and manufactures solar power generation technology. In 2014, the company won the grand prize at the prestigious CleanTech Cluster Association Awards, beating more than 10,000 of the world’s most innovative clean technology companies.