Areva quits $1bn solar project development in Australia
French multinational conglomerate Areva along with its partner Wind Prospect has retracted its plans for the $1bn solar-thermal project, Solar Dawn in Australia.
The company gave up the plans for the project having failed to secure government funding.
Areva was awarded A$464m ($465m) in 2011 as funding from the Australian government for the development of the solar plant but could not meet the 30 June 2012 deadline and reach a power-supply agreement.
The federal government in July 2012 referred the Solar Dawn project to the Australian Renewable Energy Agency for consideration while the government of Queensland also sanctioned A$75m in funding for the project.
EnergyAustralia, the project developer, however remains committed to the project and said in a statement that the company was disappointed with the pullout.
Arena is in now talks with the Infigen Energy and Suntech Power Holdings for the development of another upcoming solar project in New South Wales.