A WorleyParsons study, launched on Tuesday in Sydney, claims Australia is set to host the world's largest advanced solar thermal energy plant within three years.
Under the plan, a total of 34 250MW solar power stations would be built by 2020 - capable of producing almost half of Australia's renewable energy target, WorleyParsons' EcoNomics managing director Peter Meurs said.
Rio Tinto, BHP Billiton, Woodside Petroleum, Wesfarmers and others are all funding the study and have all but committed to fund the plants.
"I'd be cautious about saying that this would work without their support, but with their support I'm quite confident that we're going to see these sorts of power stations in Australia soon," Meurs told reporters in Sydney on Tuesday.
"There's a lot of tangible activity going on in terms of the study and the interest coming from all the parties - with that interest we're confident that things will go ahead.
"We've got two players that very much want to move into bankable feasibility immediately and we've been encouraged by that."
In a statement, WorleyParsons CEO John Grill said that thanks to the investors the project had "not cost taxpayers a cent".
Meurs said planning for 34 solar power stations before 2020 was not overly ambitious as investors would soon see what a financially and ecologically viable option they were.
He said if other companies followed suit and invested in this technology Australia could end up becoming a "major centre" for this sort of energy production.
As an engineering and project management services company, WorleyParsons would not have a role in financing the solar power plants, but would provide professional services to the investing companies, Meurs said.
Each power plant is estimated to cost about $1 billion, although constantly updated technology could reduce that figure in the coming years.
Meurs said while the plan did not require government funding, it had very strong support from the states - keen to see the plants built on their soil.
Investors had been scouting a number of locations in South Australia, Western Australia, Queensland and NSW, he said.
He said a location in the nation's west would make the most sense as it would still be producing power as the east of the country moved into the evening - when electricity demand peaks.
The study is expected to be completed by the end of the year. Investors must commit financially by early 2009 for the first plant to be built by 2011 as planned.
Source: AAP NewsWire