Stanwell Corporation has signed a Memorandum of Understanding (MoU) with global renewable energy company RWE to support Stanwell’s delivery of a 9–10GW pipeline of renewable energy projects.
The partnership will commence with the development of two new RWE wind farm projects in Central and Southern Queensland by 2029, and pave the way for future renewable energy projects, investment and innovation.
The Queensland Government has said that partnerships between publicly owned corporations and private companies are key to retaining and growing industry in the state, with large energy consumers, including Arnott’s Biscuits and Anglo American, turning to renewable energy to meet their decarbonisation targets.
The Queensland Government has committed to maintaining public ownership of generation and is working with local investors to ensure that it can leverage its world-class renewable resources to achieve Queensland’s decarbonisation goals.
The MoU identifies Theodore Wind Farm, a potential new 1,100MW project near Biloela, and a second wind farm of up to 720MW in early-stage development in Southern Queensland, with the partnership enabling negotiations on public ownership and equity, as well as offtake models.
Should it proceed, the Theodore project will take advantage of the strong state-owned network infrastructure in the Biloela region, at the heart of one of Queensland’s major Renewable Energy Zones.
The potential developments will help deliver the State Government’s renewable energy target of 80 per cent by 2035 by supporting Stanwell’s commitment to build a renewables portfolio of 9–10GW of generation and 3–3.5GW of storage by 2035.
The proposed Theodore Wind Farm project is expected to generate enough electricity to power about 410,000 homes and will create up to 500 jobs during peak construction and up to 50 ongoing jobs during the project’s 35-year operations.
The two proposed projects being developed under the MoU are expected to be completed by 2029.
Queensland’s Acting Premier, Steven Miles, said that Queensland has a natural advantage in renewable energy and manufacturing, combined with the world-class workforce that makes it ideal for renewable investment right now.
“Queensland has some of the best wind resources in the world, and with the Queensland Energy and Jobs Plan we are now one of the best places for renewable energy investment,” Mr Miles said.
“The Queensland Government is delighted to welcome global renewables powerhouse RWE to be part of our clean energy transformation. RWE is widely recognised as a worldwide leader in the field of renewables.
“An additional 1.8GW from two new wind farms will be a big win for Queensland and will support jobs, regional investment and opportunities for local communities.”
Queensland Treasurer and Minister for Trade and Investment, Cameron Dick, said that Queensland is perfectly positioned to capitalise from the biggest change to the global energy market since the industrial revolution.
“The State 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,” Mr Dick said.
“Our Government’s commitment to this plan was confirmed in the recent budget, with $19 billion allocated across renewable energy, storage, and network projects.
“RWE has been in the energy sector for more than 125 years and this partnership with publicly-owned generation company Stanwell opens the door for Queensland to leverage RWE’s international expertise and investment for the first time.”
Queensland Minister for Energy, Public Works and Procurement, Mick de Brenni, said that the State Government is committed to ensuring Queensland’s energy assets remain in the hands of Queenslanders, with this partnership further strengthening Stanwell’s capability to continue to deliver cleaner, cheaper and more secure energy.
“Because of Queensland’s enviable position thanks to the Energy and Jobs Plan and our world-class government owned corporations, we are continuing to attract significant investment and expertise from global companies that ensure we remain a powerhouse for manufacturing and export opportunity,” Mr de Brenni said.
“As we surpass 25 per cent renewable energy uptake and progress to our target of 80 per cent by 2035, we are seeing more investment and more good jobs for Queenslanders, particularly in regional and rural communities.”
Stanwell CEO, Michael O’Rourke, said that the company is thrilled to partner with RWE on two significant projects.
“An additional 1.8GW of clean energy by 2029 represents a major boost in our rapidly growing portfolio of renewable energy projects,” Mr O’Rourke said.
“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.
RWE AG CEO, Dr Markus Krebber, said that 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,” Mr Krebber said.
“We are committed to increasing our presence in the Australian market, and the signing of this MoU with Stanwell for Theodore, and another of our Queensland projects, is a demonstration of this commitment.”