THE new owners of failed energy company Solar Systems will receive a $3.5 million advance on promised Victorian government grants, in a bid to revive plans for one of the world's largest solar power plants.
Solar Systems was placed in administration last year despite commitments worth $125 million, from state and federal governments towards the establishment of a 154 megawatt plant at Mildura, reports The Australian Financial Review.
A conditional deal was flagged last month that would allow Australian Stock Exchange-listed Silex Systems to buy Solar Systems' assets for $20 million in cash and shares.
That transaction was sealed yesterday yesterday when Victorian Premier John Brumby announced the state government would give $3.5 million to Silex to support development of the concentrating photovoltaic solar conversion technology to be used in the project.
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