Finding Other Solutions Group plans $1.75b renewable energy project
Burleigh Heads-based Finding Other Solutions on the Gold Coast plans $1.75b renewable energy, education and tourism project in northern Queensland. A Gold Coast consortium is seeking State Government backing for a massive $1.75b development in northern Queensland, which includes a 5-star hotel and tertiary hub.
Mr. McLeod said the program encompassed not just a solar and wind farm but a five-star, 125-room hotel at Mungalli with a budget of $270 million and $100 million tertiary education hub.
FOS has secured undeveloped land for the farm and the backing of Mungalli Falls Outdoor Education Centre owner Michael Trout who would base the tertiary hub and hotel on his land. The Tablelands Regional Council has also lent its support“ Development and employment is the key focus,” Mr McLeod said. “It links all areas of infrastructure and it brings the agrifield back into the renewable space because it uses that land.”
Mr McLeod said the project may seem ambitious, but it was comparable to a number of renewable energy projects the consortium had planned in Europe.
University students would learn how to operate a renewable plant by working on the five megawatt solar farm planned for the Mungalli site.
Mr Trout said the idea was to turn his land into a new hub for innovation in renewable energy.
“We want to bring the most brilliant minds from around the world to develop new technology to power the world,” he said.
FOS says the project would create 3500 permanent jobs and indirect employment for another 12,000 people.
Some of the components would also be manufactured at its base in Burleigh Heads, creating employment for the Gold Coast economy.
The time frame is for work to start in October with purchase orders for components in by November.
FOS is aiming to finish all the facilities by December 2024 with the solar and wind farm selling energy from July next year.
Revenue from the farm is forecast to hit $200 million by year five and $1 billion by year 14.
Atlas Investment Firm co-founder Steven Grant said the aims of FOS were realistic if they were able to obtain the PPA.
“If they put in a minimum consumption clause or a floor price we can secure against the fact that the Queensland Government is guaranteeing to purchase at least $20-30 million in energy per year or whatever the figure might be,” he said.
FOS was founded in 2014 by Civil Building Construction director Alex McLeod, ATsolve director Alan Tupicoff and LED Tek Global founder Anthony Aucone. The consortium incorporates firms specialising in a number of areas from renewable energy through to architecture and construction.