Energy Estate seeks $500m in capital to fast-track huge development pipeline

Australian renewables outfit Energy Estate has revealed plans to launch a $A500 million-plus capital raising to underwrite its large and diverse development pipeline, which ranges from offshore wind, to green hydrogen and pumped hydro.

Energy Estate has appointed Nomura Greentech as financial advisor for the capital raise to accelerate its “mission” to transform the energy sector and help decarbonise industry.

Since its launch in 2018, Energy Estate has issued a steady stream of ambitious project proposals and announcements, many of which the company is co-developing with a range of different partners, and most of which remain in the early planning and feasibility stages.

Most recently, the company revealed plans to develop a “world first” super-hybrid green hydrogen project valued at up to $5.5 billion and combining massive wind and pumped hydro facilities and hydrogen technologies in central Queensland.

The Flavian super hybrid project, on which Energy Estate is partnering with Sunshine Hydro, proposes up to 1.8GW of new wind generation and 600MW of pumped hydro, 300MW of hydrogen electrolysers, 50MW of liquefaction, and a 50MW hydrogen fuel cell.

In offshore wind, Energy Estate is partnering with Spanish firm BlueFloat Energy on plans to develop of at least 4,300MW of offshore wind capacity in Australian waters, including a 1.4GW floating wind farm off the coast of the Hunter region and a 1.6GW project off the coast of Wollongong.

Also in NSW, Energy Estate is working with Mirus Energy to build more than 4GW of wind and solar and up to 10 gigawatt-hours of mixed energy storage, including big batteries and a pumped hydro project at the Dungowan Dam.

Energy Estate says the funds being raised will be used both to fund the construction of its platform of projects in Australia and New Zealand – a total of 30GW, the company says – and to accelerate the company’s development activities.

“We have now embarked on the next step of our journey, to create the region’s first zero-carbon Independent  Energy Producer,” said Energy Estate co-founder Vincent Dwyer.

“This will result in the large-scale, flexible renewable energy portfolio we are co-developing with our partners providing decarbonised energy, whether in the form of electrons, hydrogen, ammonia or other e-fuels, to local consumers including heavy industry and into export markets.

“With decades of experience developing and delivering projects  across the energy value chain, our team with our current portfolio is uniquely placed to deliver on that  opportunity,” Dwyer said.

“We are committed to thinking differently, to setting a high benchmark of collaboration with industry, to fostering clean industrial precincts, and to delivering enduring outcomes to the community, to the traditional  owners of the lands and seas on which our projects are located, and to the local supply chain and workforce,” said fellow co-founder, Simon Currie.

“The renewable energy industry is maturing and rapidly converging with the broader energy and industrial ecosystems. Our approach is working in partnership, with leading local and global development, technology and engineering companies, to accelerate the development of clean energy solutions.”