Netherlands-headquartered Photon Energy has received development approval for its Yadnarie solar and storage project in Cleve, South Australia. The project will use RayGen’s PV Ultra technology, combining 150 MW of solar, 90 MW of thermal, and 720 MWh of long-duration storage. The system includes ORC turbines and thermal reservoirs for dispatchable electricity. Following approval, Photon sold 100% of project rights to AGL Energy, Australia’s largest energy generator. The company is set to receive €1.1 million (~1.28 million) in 2025, €2.2 million (~$ 2.57 million) in 2026, and €0.6 million (~$0.7 million) after commissioning. Additional payments may follow if AGL expands the project’s capacity. The sale aligns with Photon’s strategy to monetize renewable energy assets.