We are in the midst of an energy revolution after more than a century of reliance on fossil fuels for power generation around the globe and trading power through centralised utility power supplies.
At PEARL we have brought together a diversified team with a long history in the global energy markets to apply new technologies combined with disruptive delivery and financing methodologies to accelerate the transition away from fossil fuel based power generation to renewable energy based systems using distributed energy supplies. In delivering and operating new energy systems we recognise the importance of value and support the role natural gas plays in the energy transition. We cannot ignore the importance of cost and we therefore promote the value of hybrid solutions in this period of transition.
The company is being launched with several target projects in our sights. It is anticipated we will take a final investment decision on the development of a mid sized solar farm (in the range 25 to 50 MW) during 2018 subject to finance and consents. This farm has the potential to scale up to over 100 MW, further improving the value of the project.
Many of the applications we are targeting will benefit from the addition of energy storage systems (ESSs) to deal with intermittency and effective energy management. At this time we are building relationships with technically advanced companies focussed on the next generation of medium to large scale batteries suitable for micro grids and industrial applications. By establishing these relationships we will be able to offer compelling power solutions to our customers.
With the advent of stand alone independent power generation solutions, we believe innovative financing and partnering schemes will leverage a pathway for industry and corporate customers as well as communities to access clean, affordable and reliable power. We have already made some great headway in this regard and I am excited by the quality of partners we are accessing and the creativity which is being applied to our finance requirements. I intend to work with our MD and CFO to build on this initial progress and success.
We are a private organisation which allows us to be flexible in our approaches with the ability to move quickly down new pathways as they open up.
Together with bulletins from our executive team, we will provide regular quarterly updates as we grow our business. Our vision is to be a leader driving the transition to a sustainable energy future across the Asia Pacific region. In time we will implement and report against clear metrics to demonstrate our progress towards realising this vision.