Silex Systems, the new owners of failed energy group Solar Systems, will receive a $3.5 million advance from the Victorian Government in an effort to revitalise one of the country’s largest solar manufactures.
The development has come as Silex announced yesterday it had completed the acquisition of Solar Systems, and said it had good hopes for the future of the company.
Premier John Brumby said yesterday the company would receive funding worth $3.5 million in support of a solar conversion project in Mildura, as part of a $50 million commitment over several years.
Last year it was feared the Mildura plant project might have collapsed after Solar Systems was placed in administration with commitments worth $125 million. However, Brumby said a comprehensive deal was struck with administrators to help the company move ahead as planned.
“We are committed to ensuring Victoria remains at the forefront of the emerging renewable energy technologies,” Brumby said in a statement. “The Government has worked with the Administrators and the Commonwealth Government to ensure the innovative project went ahead.”
“Today’s announcement that Silex Systems have finalised its purchase of Solar Systems is fantastic news for Victoria’s renewable energy industry.”
Along with the Mildura plant, Silex has also acquired a pilot plant in Bridgewater, which was partly funded by the Brumby Government, and a manufacturing facility in Abbottsford. Peter Batchelor, minister for energy and resources, said the Government was pleased the existing projects could go ahead.
Silex chief executive Michael Goldsworthy also said in a statement the company hopes to have commercial projects underway by next year.
“Development of the SSG technology is at an advanced stage, with approximately $150 million having been spent on it to date. With the successful completion of the acquisition, the company has commenced a technology development and commercialisation program expected to take 12 to 18 months.”
“In parallel with this program, business development and marketing activities will be undertaken, with the aim of commencing project activities in 2011.”
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
