Wien (pta014/27.09.2022/09:23 UTC+2)
ADX to commence Joint Feasibility Studies with a large Austrian trading house for a Solar Project development at its Vienna Basin oil and gas fields
"ADX and RWA Solar Solutions GmbH intend to undertake joint feasibility studies for a ground-mounted solar project with a capacity of 2 MWp"
ADX Executive Chairman, Mr Ian Tchacos, said: "The Board of ADX welcomes the opportunity to work with the highly reputable and capable company, RWA, to jointly assess the feasibility of a solar project at ADX's Vienna Basin oil and gas fields. The project provides ADX with the opportunity to enhance and diversify revenues from its oil and gas fields, as well as off-setting emissions from its operations. The solar project is an example of how renewable energy investments can be developed in conjunction with our oil and gas operations providing an environmental benefit as well as enhancing the value of our business."
ADX Energy Ltd (ASX Code: ADX) is pleased to advise that it has entered into a letter of intent with RWA for joint feasibility studies with a view to a potential joint development of a solar project on ADX owned land at its Vienna Basin oil and gas fields, consisting of ground-mounted PV plants with a combined capacity of 2 MWp.
The Studies to be conducted by RWA and ADX will focus on the following project outcomes;
RWA has extensive experience in the development of PV plants in Austria with 15 MWp of combined solar power generation capacity installed to date, over 30 MWp under construction as well as over 80 MWp in Austria and 300 MWp in CEE countries at various development stages.
Based on preliminary project definition work, it is anticipated that the Plants could generate 2 GWh per annum of renewable electricity equivalent to the annual consumption of 500 households and off-setting 45% of ADX' electricity consumption to run its low emissions oil and gas operations at the Zistersdorf and Gaiselberg fields in the Vienna basin.
The European Union strongly supports the development of new solar power generation capacity in member states. The REPowerEU plan issued on 18 May 2022 by the European Commission targets a 600 GW expansion of PV capacity by 2030.
Subject to successful finalisation of the Studies, the parties intend to enter into binding agreements for the joint development of the Plants. The development of a Vienna Basin solar project represents an opportunity for ADX to become a renewable energy producer and generate long-term revenue. There is also potential for ADX to scale up solar power generation activities through land position development and permitting synergies with its oil and gas production activities.
For further details please contact:
|Paul Fink||Ian Tchacos|
|Chief Executive Officer||Executive Chairman|
|+61 (08) 9381 4266||+61 (08) 9381 4266|
Authorised for lodgement by Ian Tchacos, Executive Chairman
End of this Release
ADX Energy Ltd.
|Contact Person:||DI Paul Fink|
|Phone:||+43 (0)50 724 5666|
|Stock Exchange(s):||Free Market in Berlin, Frankfurt, Hamburg, Munich, Stuttgart, Tradegate|
|Other Stock Exchanges:||Australian Securities Exchange (ASX), Sydney|