Neoen and CleanCo Queensland sign a new PPA for 110 MW of wind energy in
* Neoen and CleanCo have signed a purchase agreement for 110 MW of wind energy,
in Queensland, Australia; this is their second agreement contracted this year
* The 110 MW will be part of a larger 157 MW wind farm: Kaban Green Power
* Kaban Green Power Hub will generate 457 GWh of affordable clean energy each
year, complementing electricity generated in the southern regions of the
National Electricity Market
* The project will bring significant economic and community benefits to Far
* The project has proceeded through the Northern Australia Infrastructure
Facility (NAIF) strategic assessment phase and is now in the due diligence
phase for a NAIF loan
* With this second Queensland project and third major PPA this year in the
country, Neoen cements its position as Australia's leading independent
producer of renewable energy
Neoen (ISIN: FR0011675362, Ticker: NEOEN), one of the world's leading and
fastest-growing producers of exclusively renewable energy, has signed a power
purchase agreement with CleanCo Queensland for 110 MW of wind energy. This is
the second agreement contracted this year between the two companies after the
signature of 352 MWp power purchase agreement for Western Downs Green Power
Hub, Australia's largest solar farm.
The contract will enable Neoen to build the 157 MW Kaban wind farm near the
town of Ravenshoe, 80 km south west of Cairns, Australia, delivering clean
energy into Powerlink Queensland's transmission network. The wind resource in
Far North Queensland generates an electricity profile that is different and
highly complementary to southern regions of the National Electricity Market.
This is CleanCo Queensland's third renewable energy offtake agreement since its
establishment in December 2018, and it will contribute to the energy needed for
CleanCo Queensland to meet its target of 1 GW of new renewable generation by
Louis de Sambucy, Neoen Australia's Managing Director said: "We are delighted
to be working with CleanCo and Powerlink on our second Queensland project
together. This agreement underscores our deepening involvement in the State's
clean energy transition, and we are proud to be supporting Queensland's
progress towards its ambitious target of 50% renewable energy by 2030. We look
forward to Kaban delivering an economic boost to Far North Queensland,
supporting the region's recovery from Covid- 19."
As Queensland's publicly owned clean energy company, CleanCo Queensland is
focused on activities that help to improve electricity affordability,
contribute to achieving Queensland's 50% renewable energy target by 2030 and
create new investment and jobs in regional Queensland. Kaban Green Power Hub
will be a major contributor to those objectives. It will generate energy to
power 95,900 Queensland homes, more than enough to power every home in Cairns.
Northern Australia Infrastructure Facility is in its due diligence phase to
support the A$370 million investment by Neoen, which is expected to create more
than 150 jobs in the region of Far North Queensland when construction begins in
2021. The wind farm will consist of 28 turbines connected via a new substation
into the existing 275 kV overhead transmission line, with energy generation
scheduled to commence in 2023.
In line with its develop to own business model, Neoen will be the long-term
owner and operator of the project and is committed to sharing benefits with the
surrounding community. The establishment of a Community Benefit Fund will
provide opportunities for local community-building initiatives totaling
A$50,000 each year for the lifetime of the project. Neoen is proud to be
working closely with the Jirrbal people, Traditional Owners of the land on
which the project is located, and is committed to delivering a range of
targeted business, employment and community development outcomes.
Maia Schweizer, CleanCo Queensland's CEO commented: "We are proud to be
involved in this new renewables development which will continue to improve
electricity affordability for Queensland. Large energy users in Queensland are
increasingly looking to power their businesses with affordable renewable
energy, which gives us the confidence to continue to invest in projects like
Kaban. CleanCo is pleased to continue supporting investment and jobs in Far
North Queensland as we move closer to our target of supporting 1 GW of new
renewable generation by 2025 and maintain progress towards the target of 50%
renewable energy by 2030."
Paul Simshauser, Powerlink Queensland Chief Executive said: "Powerlink is proud
to play a key role in connecting Kaban Green Power Hub to the electricity grid.
We look forward to continuing our strong partnership with Neoen to deliver our
connection works for their second renewable energy venture in Queensland. We
are also excited to provide system strength support for this project, which
will help further unlock the potential of the valuable North Queensland
renewable energy resource."
Chris Wade, NAIF's Chief Executive Officer said: "NAIF is excited about the
potential benefits that the Kaban Green Power Hub can bring to Far North
Queensland. We are pleased to progress the project to our due diligence phase.
Our mission is to support projects and businesses in northern Australia to
facilitate economic growth and help catalyse private sector investment. As such
NAIF looks forward to continuing to work with our stakeholders, including the
Queensland Government, to assist in the future development and growth of the
State's renewable energy sector."
Xavier Barbaro, Neoen's Chairman and Chief Executive Officer concluded: "We
would like to thank CleanCo Queensland for putting its trust in us once more.
The signing of this second power purchase agreement demonstrates Neoen's
ability to design competitive projects capacity and act as a long-term partner.
As one of the world's leading and fastest-growing independent renewable energy
producers, we are committed to delivering affordable, reliable and clean energy
to communities across Australia and in our 13 other countries."
Neoen is one of the world's leading and fastest growing independent producers
of exclusively renewable profile energy. With a capacity of more than 3.6 GW in
operation or under construction, Neoen is a high-growth company. Neoen is
notably active in Australia, Argentina, El Salvador, Finland, France, Ireland,
Jamaica, Mexico, Mozambique, Portugal and Zambia. In particular, Neoen operates
France's most powerful solar farm (300 MWp) in Cestas, and the world's first
big battery (150 MW storage capacity) in Hornsdale, Australia. Neoen is
targeting at least 5 GW capacity in operation or under construction by end of
2021. Neoen (ISIN Code: FR0011675362, ticker: NEOEN) is listed in Compartment A
of the regulated market of Euronext Paris.