23 August 2023
Renewable energy leader, RWE has signed a Memorandum of Understanding (MoU) with publicly-owned energy company Stanwell Corporation, establishing a strategic partnership to support the delivery of Stanwell’s 9 – 10 GW pipeline of renewable energy assets.
The partnership will commence with the development of two new wind farms in Central and Southern Queensland by 2029, and pave the way for future renewable energy projects, investment and innovation.
Under the MoU, Stanwell may secure energy offtakes and potential equity stakes in the proposed Theodore Wind Farm, a 1,100 MW project in development near Biloela and a second wind farm of up to 720 MW in early-stage development in Southern Queensland.
The initiative forms part of Stanwell’s strategy to build a renewables portfolio of 9 to 10 GW of generation and 3 to 3.5 GW of storage by 2035 to support the Queensland Government’s renewable energy target of 80% by 2035.
RWE expects that the two projects under the MOU will be completed by 2029 and will create more than 500 jobs during construction.
“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.
“RWE Renewables Australia is backed the scope and experience of its parent company and driven by a commitment to support local through regional supply chains, community consultation and social investment – they are an ideal fit for Stanwell and for Queensland’s clean energy future,” Mr O’Rourke said.
RWE Global CEO said it is excited to be partnering with Stanwell to achieve Queensland’s 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.”
The proposed Theodore Wind Farm is now in early development, undertaking project studies and community consultation.
The subsidiary RWE Renewables Australia has been developing utility scale wind and solar projects since 2018. RWE Renewables Australia is working on developing utility-scale wind, solar and battery projects in Queensland and other states.
The company has an exciting pipeline of projects and a growing team of more than 45 people, backed by the experience of the 5300 people strong team of RWE dedicated to onshore wind, solar, battery and offshore across the European, North American and Asia Pacific regions.
Stanwell 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 3000 MW of renewable energy under contract, in construction or development as well as two of the most efficient and reliable coal fired power stations in Australia—the Tarong power stations near Kingaroy and Stanwell Power Station west of Rockhampton.
Stanwell is developing a pipeline of renewable energy and storage projects throughout Central and Southern Queensland, finding cleaner ways to reliably generate and store electricity for customers and deliver on the Queensland Government’s renewable energy targets of 70% by 2032 and 80% by 2035.
Stanwell is also driving the development of Queensland’s hydrogen industry and the use of other new technologies, with a $117 million FEED study underway to progress the development of the country’s largest renewable hydrogen export hub in Gladstone.