Australian solar energy company SOLEIR has forged a 30-year lease agreement for a $100m solar project at Molong in central New South Wales (NSW).

As per the terms of the agreement, SOLEIR has secured a three year option over a 100 hectare site to house a 50MW photovoltaic (PV) solar power project.

With lease agreement in place, the company is seeking development consent with the NSW State Government along with a connection agreement with TransGrid. It expects to secure both of them to be over in the next few months.

SOLEIR is planning to raise funds to finance the project from a major financial institution.

The solar company, acquired by exploration firm Red Sky earlier in November 2012, is currently working on its first renewable project, the Dubbo Solar One Project located in central NSW.

First solar module is scheduled for installation at Dubbo project over next two months. In addition, the company is also expecting to obtain regulatory approval and connection agreement within next two months.