- The proposed Yadnarie renewable energy facility in South Australia has been acquired by AGL from Photon Energy.
- The acquisition is a major milestone in the commercial deployment of RayGen’s pioneering solar and thermal hydro long duration storage technology.
- Both Photon Energy and AGL are investors in RayGen.
- Once operational, Yadnarie will have 150MW of solar energy capacity, 90MW of thermal energy capacity and provide at least 720MWh of storage.
- The project was granted Development Approval in June 2025
RayGen Resources’ solar and long duration energy storage technology has reached a major milestone with the acquisition of the Yadnarie renewable energy facility.
AGL announced today that it had purchased the project from Photon Energy, following their receipt of development approval. Both companies are investors in RayGen.
The transaction signals the start of the next phase of the project in Cleve, on South Australia’s Eyre Peninsula.
RayGen CEO Richard Payne said: “Yadnarie is a groundbreaking project and will be the first utility-scale deployment of our technology.
“We are thrilled to see our long-term strategic partner AGL investing in the project. Their extensive energy market operations and deep appreciation of our technology’s unique capabilities mean they are ideally placed to steward the project through the next phase.
“In transitioning grids around the world there is increasing demand for our technology which uniquely combines high efficiency solar, long duration storage and grid stabilising services such as real inertia.
“Photon Energy have demonstrated their vision, expertise and leadership in taking the project to this critical juncture. We look forward to more successes across their broader pipeline both in Australia and Africa.”
Once operational, Yadnarie will have 150MW of solar energy capacity, 90MW of thermal energy capacity and at least 720 MWh of storage, equivalent to eight hours of dispatchable electricity.
The facility will use PV Ultra to concentrate sunlight onto Australian-made, highly efficient solar modules.
Heat will be captured and stored in water reservoirs for on-demand electricity dispatch via Organic Rankine Cycle (ORC) turbines. The world-first clean energy solution has prompted interest from utilities and developers worldwide.
Photon Energy Group CEO Georg Hotar said: “This transaction validates Photon Energy’s capability in originating and developing large-scale, innovative energy infrastructure.
“The Yadnarie project showcases the future of hybridised solar and storage, and we are proud to have worked with AGL and RayGen to bring it to this point. We look forward to seeing the project move into the delivery phase under AGL’s stewardship.”
AGL GM Power Development, Travis Hughes, said AGL continued to add long duration storage options to its development pipeline as it works towards the company’s ambition of adding 12GW of new renewables and firming by 2035.
“This project incorporates RayGen’s innovative solar-and-storage system technology as one potential solution to the need for long duration energy storage,” Mr Hughes said.
RayGen recently announced closure of a series D capital raise, attracting a further AUD$127 million in investment and grants.
Global technology company SLB led the raise with a AUD$31 million follow-on investment and the execution of a Strategic Deployment Agreement (SDA), designed to accelerate the technology’s path to the global energy market. New investors included infrastructure project delivery leader Quanta Services, Oxy Technology Ventures and Breakthrough Victoria.
RayGen’s solar and storage solution addresses the growing need for long duration energy storage to balance intermittent wind and solar power in global energy systems as fossil fuel generators are decommissioned.
The company’s flagship asset at Carwarp, Victoria, which has 4MW of solar energy capacity and 50MWh of storage, is one of the world’s largest operating next-generation long duration energy storage projects and is already under an offtake agreement with AGL.
Last year, the company opened Australia’s largest renewable energy manufacturing facility, a 170MW per annum solar module production line in Melbourne.
Media Contact
Mike Duffy
Elexia Communications
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Mduffy@elexia.com.au
About RayGen
RayGen Resources Pty. Ltd. is an Australian technology company backed by investment from SLB, Equinor Ventures, AGL Energy, Photon Energy Group, Australian Renewable Energy Agency (ARENA), Breakthrough Victoria, Quanta Services, Oxy Technology Ventures and Chevron Technology Ventures.
RayGen’s hi-tech solar and thermal hydro storage solution is designed in Melbourne, Australia, and protected by six patent families. RayGen was founded in 2010 to develop the world’s lowest-cost, highest-efficiency solar technology. In 2019, RayGen’s PV Ultra technology was integrated with an electro-thermal energy storage solution. Today, together with SLB, RayGen is supporting multi-GWh solar-plus-storage projects across the globe. It has two operating projects in Victoria (Carwarp and Newbridge) and a project in development in South Africa, in partnership with Photon Energy.