EXECUTIVE SUMMARY
A financial investment decision has been approved for Ark Energy’s Richmond Valley Solar Farm & BESS in New South Wales. The AUD$1.3 billion hybrid project will combine 200 MW AC of solar with a 275 MW/2,200 MWh LFP BESS, with construction expected to begin in October 2026.
Company: Ark Energy
Project: Richmond Valley Solar Farm & BESS
Investment: AUD 1.3 billion
Solar Capacity: 200 MW AC
BESS: Up to 275 MW/2,200 MWh
Technology: LFP
Financial Close: Targeted September 2026
Construction: Expected October 2026
Operations: Targeted January 2029
Ark Energy has received a financial investment decision for its AUD 1.3 billion Richmond Valley Solar Farm & BESS, a hybrid renewable energy project planned approximately 25 km south of Casino in northern New South Wales, Australia. Ark Energy develops renewable energy generation, storage and green energy projects and is backed by parent company Korea Zinc.
Korea Zinc approved the FID at an Extraordinary Board Meeting in Seoul on 21 July 2026. The financing package is expected to comprise AUD 586 million in equity funding and AUD 716 million in debt financing. Richmond Valley is the first build-to-own project in Ark Energy’s development portfolio to reach this milestone.
The financing will support the priority stage of the development, comprising a 200 MW AC solar farm and a long-duration lithium-iron phosphate BESS with up to 275 MW of power capacity and 2,200 MWh of storage capacity.
The project received a Long-Term Energy Service Agreement under the NSW Electricity Infrastructure Roadmap in December 2023. It was added to Australia’s National Renewable Energy Priority List in March 2025. Ark Energy also signed a BESS supply agreement with Hanwha Energy in March 2025 and an Early Contractor Involvement agreement with Elecnor Australia in September 2025.
The NSW Government granted planning approval in October 2025, followed by Commonwealth environmental approval in December 2025. Grid connection approval was received in June 2026, ahead of the FID in July.
Ark Energy is targeting financial close in September 2026 and expects construction to commence in October 2026. Operations are targeted for January 2029.
During peak construction, the project is expected to support more than 850 direct and indirect jobs and generate approximately AUD 180 million in local expenditure. Community benefit funding of AUD 850 per installed MW of solar generation is planned for the project's operating life.
Environmental measures include a new 30-metre-wide biodiversity corridor and native species planting to improve connectivity between the Ellangowan and Bungawalbin State Forests. Once operational, the solar and storage facilities are expected to provide renewable electricity while supporting the NSW transmission network.