RWE and Stanwell Ink MoU for Two Onshore Wind Projects in Australia
Under the MoU, Stanwell will explore and assess energy offtakes and potential equity investment in RWE’s Theodore Wind Farm, a project of up to 1,100 MW under development near Biloela, and a second wind farm of up to 720 MW in early-stage development in southern Queensland.
August 30, 2023. By EI News Network
Under the MoU, Stanwell will explore and assess energy offtakes and potential equity investment in RWE’s Theodore Wind Farm, a project of up to 1,100 MW under development near Biloela, and a second wind farm of up to 720 MW in early-stage development in southern Queensland.
According to the present plans, the two projects could be completed and start operations by 2029, subject to securing the essential permits, grid connection and final investment decisions.
The proposed Theodore Wind Farm is expected to generate enough electricity to power 410,000 homes, as well as create more than 500 jobs during peak construction periods and up to 50 ongoing jobs during the project’s 35-year operations.
Markus Krebber, CEO of RWE AG, stated, “RWE is excited to be partnering with Stanwell on these two major projects and assisting Queensland to achieve their renewable energy ambitions. RWE sees Australia as a very attractive renewable energy growth market and we are looking forward to working on developing the proposed Theodore Wind Farm. We are committed to increasing our presence in the Australian market, and the signing of this memorandum of understanding with Stanwell for Theodore, and another of our Queensland projects, is a demonstration of this commitment.”
Michael O’Rourke, CEO of Stanwell, said, “We are thrilled to partner with RWE on two such significant projects. An additional 1.8 GW of clean energy by 2029 represents a major boost in our rapidly growing portfolio of renewable energy projects. This is a win-win agreement for the energy industry, Queensland and our commercial and industrial customers who want clean, reliable, and affordable energy to power their businesses. And it strengthens Queensland’s position to deliver on the targets set out in the Queensland Energy and Jobs Plan, bringing more investment and jobs into our regional communities.”
The agreement envisages the offtake of renewable electricity by Stanwell and the potential equity involvement of Stanwell in the projects.
RWE, a producer of renewable energy and operates a global portfolio of about 16 GW of renewable energy projects comprising onshore and offshore wind, solar and battery storage.
RWE is vigorously driving forward the expansion of its renewables portfolio and investing globally more than 50 billion euros (the equivalent of 85 billion Australian dollars) in growing its green portfolio by 2030. Presently RWE has more than 70 RE projects in 12 nations under construction all over the world, totalling over 7 GW.
RWE Renewables Australia is working on developing utility-scale wind, solar and battery projects in Queensland and other states. The company deals in onshore wind, solar, battery and offshore throughout the European, North American and Asia Pacific regions.
Stanwell Corporation is a major provider of electricity and energy solutions to Queensland, the National Electricity Market and large energy users throughout Australia. Stanwell’s portfolio includes over 3,000 MW of renewable energy under contract, in construction or development.
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