Naturgy has signed with Snowy Hydro its first energy sales contract with a retailer in Australia to build a 218 MW wind farm in Victoria, contributing to increase its installed capacity in the country over 500 MW.
The wind farm, called Ryan Corner, is estimated to require a total investment of AUD359m (equivalent to approximately €219m) and is expected to start operations in the second half 2022.
The contract awarded consists of a 15 years PPA contract for difference (power purchase agreement) for 75% of the energy produced. Given the characteristics of the awarded contract and the conditions of the Australian market, one of the most attractive countries to invest in renewables, the project fully complies with the investment and profitability criteria required by Naturgy for value creation.
Some days after this operation, Naturgy has increased its presence in Australia with the award by the Australian Capital Territory (ACT) of 107 MW Wind Farm and a Battery Energy Storage System of 20 MWh.
The wind farm, called Berrybank-Stage2, will entail a total investment of AUD 215 m (equivalent to approximately € 131 m), will start operations in the second half 2022.
The awarded contract is a 10 years Deed of Entitlement at a regulated tariff, for the energy equivalent to 100 MW capacity. Given the characteristics of the awarded contract and the conditions of the Australian market, one of the most attractive countries to invest in renewables, the project fully complies with the investment and profitability criteria required by Naturgy for value creation.
Berrybank Stage-2 wind farm will be Naturgy’s fourth investment in Australia, through GPG. Including this project, Naturgy will reach a renewable capacity of approximately 600 MW in the region, together with the Crookwell 2 wind farm (96 MW), currently in operation, and Berrybank Stage-1 (180 MW), close to be operational and Ryan Corner (218 MW) mentioned above.
Naturgy is finalizing the permitting of various renewable projects in Australia, which could involve the development of more than 400 MW additional capacity, increasing by more than 150% its current installed capacity in the country, becoming the Top-2 of independent wind energy producer in Australia. The company has a project pipeline of more than 600 MW in the country and aims to become one of the main renewable operators in Australia in the next three years, reaching a total capacity of more than 1.3 GW.