Queensland state-owned energy company Stanwell Corporation has linked up with global renewables giant RWE, in a deal to support the roll-out of Stanwell’s up to 10GW pipeline of projects, starting with two huge wind farms.
In a memorandum of understanding announced on Tuesday, a strategic partnership between Stanwell and RWE will first focus on the proposed 1.1GW Theodore wind farm near Biloela and a second unnamed 720MW project said to be in the early phase of development in the state’s south.
The two companies say the partnership will enable negotiations on public ownership and equity, as well as offtake models for the huge wind farms and other projects Stanwell plans to develop, including up to 3.5GW of storage by 2035.
The two proposed projects being developed as a direct result of the MOU are expected to be completed by 2029, the Queensland government said.
“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.
“An additional 1.8 GW from new two wind farms will be a big win for Queensland and will support jobs, regional investment and opportunities for local communities.”
State energy minister Mick de Brenni said the state’s Energy and Jobs Plan – which underpins its target of 80 per cent renewables by 2035 – was working to attract “significant investment and expertise” from global companies like RWE.
Stanwell CEO Michael O’Rourke described the MoU as “a win-win” for the energy industry and for the state’s commercial and industrial customers who were seeking a “clean, reliable and affordable” energy supply.
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.
