Octopus to acquire a 181 MW Australian project from RES – reNews


Octopus Australia to acquire the 181 MW Dulacca wind farm in Queensland from RES.

When built, the wind project will include 43 wind turbines and generate enough electricity to power approximately 124,000 homes.

In addition to coexisting with agricultural land use, the project will actively contribute to the Queensland government target of 50% renewable energy by 2030 and provide much needed production diversity in this part of the power grid.

The project reflects a clear commitment to the selection of quality sites, representing a balance between securing a fantastic wind resource while minimizing impacts on current agricultural land use, indigenous cultural heritage and environmental features and species. important.

In addition, a community fund of $ 1.25 million (0.77 million euros) will provide funding opportunities for local projects, educational and environmental initiatives, community groups and organizations within the local communities of the project.

RES ‘cThe construction management team will support the delivery of the project by managing the EPC and grid connection contracts throughout the AEMO registration process.

During peak construction, up to 150 workers will be active at the project site with between 700 and 800 people expected to directly support project construction during the two-year construction period.

The project will also create indirect employment opportunities through the supply chain and the provision of local goods and services.

Another 5-10 permanent jobs will be created over the 30-year operational life of the wind farm.

RES will continue its involvement in the project by providing asset management services alongside Octopus, including finalizing key registrations and engaging RES’s 24/7 Global Control Center for monitoring factory.

This is Octopus’ fourth large-scale Australian renewable asset, with projects in NSW, Victoria and now Queensland after first entering the market in 2018.

Octopus now has a dedicated renewable energy team in Australia of 25 people and is responsible for managing over $ 1 billion, through construction and operating assets in the country, with the ambition of continue this rapid growth.

Octopus Australia’s iChief Investment Officer and Head of Dulacca Darren Brown said: “It’s great for Octopus to continue our long-standing European relationship with two strong counterparts in RES and Vestas, who together bring deep wind farm construction and experience. network in Australia.

“Octopus is also looking forward to forming a new long term relationship with CleanCo as a PPA partner.

“There is great alignment between the parties with CleanCo, RES and Vestas also sharing our long term commitment to the community and helping Australia meet our renewable energy goals. “

Octopus Australia Managing Director Sam Reynolds said: “Major wind projects like Dulacca are essential to help decarbonize power generation in Australia.

“They are following our strategy of building a diversified portfolio through location and technology that aligns with what the future of Australian energy should look like.

“As per our B Corp certification, community is at the heart of everything we do, and we look forward to continuing the great work RES is doing in the region.”

Matt Rebbeck, Managing Director of RES Australia, said: “This is another quality RES development project and we are grateful for the support of the forward-thinking local council.

“We are very excited to see this project come to life and to see opportunities created for local communities, including those through the creation of the community fund.

“We are happy to continue our involvement in this exceptional project and we are eager to support our Octopus partners in the construction and operation of the wind farm.

The debt financing was arranged by a banking consortium comprising CBA, ING, MUFG, SMBC and Westpac.

In addition to Octopus Australia’s acquisition of the Dulacca wind farm, it was announced that public power producer CleanCo Queensland has signed a power purchase agreement with the owners of the project.

The offtake agreement will add another 126 MW to the 980 MW of renewable energy that CleanCo has already committed to bringing to market over the next three years.

CleanCo Chief Executive Officer Dr Maia Schweizer said wind power generated by the Dulacca Renewable Energy Project will complement CleanCo’s growing renewable energy production portfolio.

She said: “CleanCo’s production portfolio enables us to deliver unique low-emission energy to our large commercial and industrial customers.

“Power purchase agreements like this mean that we can offer competitively priced energy contracts backed by renewable energy and our firming low-emission production fleet, ensuring day-to-night supply.

“The benefits of these agreements are significant: our clients are achieving their sustainability goals at a competitive cost, helping them stay relevant in a decarbonizing world, and in turn, we are helping Queensland meet our emissions targets. of state. “

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