Stanwell Corporation, a Queensland state-owned energy corporation, has partnered with global renewables powerhouse RWE to facilitate the rollout of the former’s 9 to 10 GW pipeline of projects, beginning with two huge wind farms.
According to a Memorandum of Understanding (MoU) made public on Wednesday, a strategic collaboration between Stanwell and RWE will initially concentrate on the 1.1GW Theodore wind farm in Biloela and a second, unnamed 720MW project in the state’s south that is reportedly in the early stages of development.
The deal, according to the two companies, will enable discussions on offtake models, public ownership and equity, and other projects Stanwell hopes to construct, including up to 3.5GW of storage by 2035. These projects include massive wind farms.
The proposed Theodore Wind Farm project is anticipated to produce enough electricity to power around 410,000 homes, as well as up to 500 jobs during the project’s 35-year peak construction period and up to 50 jobs after that.
According to the Queensland government, the two proposed projects being developed as a direct result of the MoU are expected to be finished by 2029.
“The world realises Queensland has a natural advantage in renewable energy and manufacturing, combined with the world-class workforce that makes us ideal for renewable investment right now,” said acting Queensland Premier Steven Miles.
Miles said that Queensland will benefit greatly from an additional 1.8 GW from new two wind farms, which will support jobs, regional investment, and opportunities for local communities.
Treasurer and Minister for Trade and Investment Cameron Dick said Queensland is well positioned to benefit from the most significant change in the global energy industry since the industrial revolution.
“The Palaszczuk Government’s Queensland Energy and Jobs Plan is creating quality skilled work for Queenslanders while encouraging private investment through the Government’s clear intent to reach 80 per cent renewable energy by 2035,” the minister noted.
Meanwhile, Michael O’Rourke, CEO of Stanwell, expressed his excitement to partner with RWE on two significant projects, saying the efforts represent a major boost in the 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,” O’Rourke said.
RWE CEO Markus Krebber said the company viewed Australia as a “very attractive” renewables growth market.
“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,” Krebber said.
