Solar Farm Update December 2020

To close an extraordinary year we have some exciting developments in our Solar Farm project!

Partnership with Komo

EG has signed an agreement with Komo Energy Pty Ltd to provide technical support to get our Solar Farm project to Financial Close by July 2021.

EG was planning to undertake all the technical design, analysis and approval by itself. We were going to sub-contract some of the work, and use pro bono assistance for other tasks. This was proving to be time-consuming and not the best use of our resources. In particular, the co-ordination, some of the design and approval steps, required experience that we lacked.

Komo Energy has done this work for other community projects. They are involved with the Goulburn and Wagga Wagga solar projects and are making good progress. As development partner, Komo Energy will support the project to overcome development roadblocks and take the project to investment readiness. This includes coordinating land matters, grid connection, approvals and the electricity retailer engagement. Komo will help us create greater certainty for local investors and tap into project development expertise that may otherwise be unavailable at this local scale.

Komo Energy co-founder and Head of Energy Market Strategy, Jonathan Prendergast says: "Projects like the Gloucester Community Solar Farm are critical building blocks to resilient local energy systems. We'll be working closely with Energise Gloucester to create a project that maximises the benefit to the community. Their team has some very senior expertise ranging from landholder engagement to construction management. Our development model is flexible enough to tap into and build on this local expertise."

Site Selection

We have now selected two solar farm sites for final analysis and determination. Ten sites were offered to us and all were inspected; some were unsuitable, but several will be considered for future projects. Further information from Essential Energy and analysis by Komo of the two remaining possible sites will enable us to finalise our selection in early 2021. Then EG will lease the land and prepare a Development Application for Midcoast Council.

Information Package

The Co-op Board is finalising the Information Package for members and shareholders. This will be released in January 2021 and a public launch is being planned for February. The Package will provide you with information on how to become a member, the benefits, and how to purchase shares. The "Rules" of the Co-op will be published on the EG website.

Season's greetings to all.

Yours with energy
David