Solar Systems, the company that was about to start constructing “the world’s largest and most efficient solar photovoltaic power station” in Mildura, Victoria, has been placed into administration. It appears that the company had failed to find an additional investor to co-fund the $420 million project.

In February 2008, TRUenergy invested $40 million in return for a 20 per cent stake in the company and had planned to commit a further $292 million to the project. A further $130 million of Victorian and Commonwealth Government grants had been awarded to the project. TRUenergy recently wrote-off its initial investment and it is not clear whether it had decided against providing further funding due to a change in its appetite for risk or due to other issues with Solar Systems or the project.

The new plant was forecast to be able to produce enough green electricity to power 45,000 homes, saving approximately 400,000 tonnes of greenhouse gas emissions each year. The plant would have created around 950 jobs at the peak of its construction.

TRUenergy says it still wants the project to proceed so hopefully the Administrator can find a suitable buyer or co-investor to continue with construction.