Lyon Group believes that Magnetar Solar, a 25% investor in a Lyon subsidiary, is seeking to capture a greater share of the value in Lyon’s unique dispatchable solar projects, including via legal avenues.

Lyon will vigorously defend any attempt by Magnetar Solar to capture a greater share of the value in Lyon and its projects.

Lyon and Magnetar have been negotiating Magnetar’s exit.

Lyon is in a strong position, and has the support of its development partners.

Lyon will not bow to any attempt by Magnetar Solar to seek to exert maximum commercial leverage in the context of the growing value of Lyon Group and its dispatchable solar projects.

In December 2018, Lyon’s Cape York Battery Power Plant became the first large dispatchable solar project in Australia’s national electricity market to secure its generator performance standard. Lyon’s other two, larger tranche 1 projects (Riverland in South Australia and Nowingi in Victoria) are now progressing toward that milestone.

When it is commissioned in 2020, the Cape York Battery Power Plant will be the first fully integrated grid-connected large dispatchable solar peaker in Australia and possibly the world.

The Cape York Battery Power Plant will also include Australia’s first four-hour duration battery system, making it the country’s first solar peaker.

Lyon believes that solar peakers will quickly take the place of gas peakers because their speed of dispatch, lower and more predictable operating costs and by extension lower risk offers unparalleled flexibility.

Lyon has been acknowledged by its development partner JERA as the world’s leading independent developer of integrated utility-scale battery storage and renewable generation projects. Lyon developed and sold Australia’s first grid connected large-scale solar PV and battery storage project. Lyon is now leading the roll-out of the region’s largest pipeline of dispatchable solar/battery power plants, with advanced projects under development in Australia and early stage development projects in Asia.

Magnetar Solar Australia DAC (Magnetar Solar) is an Irish based company controlled by Magnetar Capital LLC, a US based hedge fund.

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