Octopus Australia acquires 180 MW wind farm
UK investment firm Octopus Group, through Octopus Australia, has acquired the 180 MW Dulacca Wind Farm project in Queensland from RES, the company announced Tuesday.
Once completed, the Dulacca Wind Farm will feature 43 wind turbines to generate enough electricity to power approximately 124,000 homes. The project aims to contribute to the Queensland government’s goal of 50% renewables by 2030.
Vestas will supply and install the 43 V150-4.2 MW wind turbines and deliver a 30-year Active Output Management 5000 service agreement. The company expects to deliver the wind turbines in the Q2 2022 with commissioning in Q1 2023.
“It is great for Octopus to continue our long-standing European relationship with two strong counterparties in RES and Vestas, who between them bring deep wind farm construction and grid experience in Australia,” said Darren Brown, Octopus Australia’s investment director and lead on the Dulacca Wind Farm project. “Octopus is also looking forward to forging a new long-term relationship with CleanCo as our PPA partner. There is great alignment among the parties with CleanCo, RES, and Vestas also sharing our long-term commitment to the community and helping Australia meet our renewable energy targets.”
Publicly-owned energy generator CleanCo Queensland has signed a power purchase agreement for 126 MW of renewable energy from the Dulacca Wind Farm project.
“The benefits of these agreements are far-reaching – our customers meet their sustainability targets at a competitive cost, helping them to remain relevant in a decarbonising world, and in turn we help Queensland meet our State emissions targets,” CleanCo CEO Dr Maia Schweizer said.
This is Octopus’ fourth large-scale Australian renewable asset, with projects in NSW, Victoria, and now Queensland after first entering the market in 2018.
Reuters reported that wind and solar project development in Australia has stalled of late, in part due to interconnection delays for renewable energy projects.
Source: Renewable Energy