ADX Energy (ASX:ADX) joins hands with RWA to boost solar project

Highlights:

• ADX has signed a letter of intent with RWA to accelerate solar project development at Vienna Basin oil and gas fields.
• Both companies will work together to generate 2 MWp of renewable energy.

ADX Energy Ltd (ASX:ADX) announced today (27 September 2022) that it will begin joint feasibility studies with one of the largest trading houses in Austria, RWA Solar Solutions GmbH. As part of the deal, this collaboration will carry on joint development operations of photovoltaic (PV) plants at ADX’s Vienna Basin oil and gas fields. Both companies will work together to take Vienna Basin solar project’s capacity to 2 MWp.

As per the ADX’s announcement on ASX, the two companies could find two different sites in ADX-owned fields (13-hectare land) covering an area of approximately 1 hectare each. These sites are a suitable option to install ground-mounted PV plants to successfully generate 2 MWp of energy.

What’s in for ADX Energy?

Through this collaboration, ADX Energy Ltd aims to expand its operations in the renewable and clean energy sector along with enhancing ADX’s ESG profile.

The joint feasibility studies by both companies will take care of the following things:

1. Confirming the grid access along with permitting matters at the project location.
2. Detailed budget and schedule for commissioning, installation, construction, procurement, and engineering of the plants.

Land usage, project costs, and development timeline details

As mentioned earlier, ADX and RWA have chosen two plants to generate energy with an area of 1 hectare each. Both plants have the capacity to produce circa 2 GWh of renewable electricity annually, which is equal to 45% of the electricity required to run ADX’s low-emission oil and gas activities at its Zisterdorf and Gaiselberg fields. The electricity consumption for both fields is about circa 4.5 GWh per annum. Apart from producing a great amount of renewable energy, the plants' predictable and consistent energy pricing would help the ADX Vienna Basin project to continue to minimise its carbon footprint while also lowering operating costs.

Commenting on the deal, Mr Ian Tchacos, Executive Chairman of ADX, said:

Things to know about ADX and RWA

ADX Energy Ltd (ADX) is an ASX-listed oil & gas production and exploration company that focuses on projects across Austria, Italy, and Romania. The company has been listed on the Australian Stock Exchange (ASX) since 1987 and carries out its operations from Vienna, Austria. ADX’s corporate office is in Perth, Western Australia.

RWA Solar Solutions GmbH (RWA) is a subsidiary of an Austrian wholesale and service cooperatives company named RWA named Raiffeisen Ware AG. RWA has vast expertise in the development of photovoltaic (PV) projects in Austria.