AGL Acquires Solar-Thermal Yadnarie Project from Photon Energy

Date: July 11, 2025

AGL Energy has acquired the Yadnarie Project, a hybrid renewable energy initiative featuring 150 MW solar, 90 MW thermal, and 720 MWh storage capacity, from Dutch developer Photon Energy, following its development approval in June 2025.

The project, located in Cleve, South Australia (approximately 570 km northwest of Adelaide), utilizes cutting-edge technology from Melbourne-based RayGen Resources. Their unique “PV Ultra” system concentrates sunlight onto solar modules, with the resulting heat stored in water reservoirs. The stored thermal energy is later converted into electricity using organic rankine cycle (ORC) turbines.

According to RayGen CEO Richard Payne, this marks the first utility-scale deployment of the company’s technology. He expressed confidence in AGL’s ability to manage the next development phase, citing the utility’s understanding of grid operations and the potential of RayGen’s innovation, which delivers both long-duration storage and real-time grid support services like inertia.

The project will be developed in stages. The first phase includes 50 MW of solar, 30 MW grid connection, and eight hours of storage, expected to be completed by Q2 2027. The final phase will expand with two additional blocks, totaling 100 MW solar and 60 MW connection, to be finalized by 2030.

AGL Power Development GM Travis Hughes called the initiative a promising and cost-effective solution to Australia's energy storage needs during its clean energy transition. AGL has also retained an option to expand the project by 2030.

Financial details of the acquisition reveal that AGL will pay approximately AUD 1.9 million in 2025, AUD 3.9 million in 2026, and AUD 1 million post-commissioning, with further payments if expansion proceeds.

AGL is not new to RayGen—it is an existing investor and has an offtake agreement for the Carwarp Power Plant in Victoria (4 MW solar + 2.8 MW/50 MWh storage).

Photon Energy, which holds 5.47% equity in RayGen, also announced it secured development approval for Yadnarie from the South Australian Department for Energy and Mining. CEO Georg Hotar emphasized that this milestone affirms the commercial viability of RayGen’s hybrid solar-storage platform.

In addition to Yadnarie, Photon and RayGen continue to collaborate on other projects globally, including in South Africa. The Yadnarie project, when operational, will deliver at least 720 MWh of dispatchable clean energy—a significant boost for Australia's transition to renewables.