RWE and Stanwell sign MoU for two Australian renewable energy projects

Under the MoU, Stanwell will investigate and assess energy offtakes and potential equity investment in RWE’s Theodore Wind Farm, a project of up to 1100 MW under development near Biloela, and a second wind farm of up to 720 MW in early-stage development in southern Queensland. According to current plans, the two projects could be completed and start operations by 2029, subject to securing the necessary permits, grid connection and final investment decisions. The proposed Theodore Wind Farm is expected to generate enough electricity to power 410 000 homes, as well as create more than 500 jobs during peak construction periods and up to 50 ongoing jobs during the project’s 35-year operations.

“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,” said Markus Krebber, CEO of RWE AG. “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.”

“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,” added Michael O’Rourke, CEO of Stanwell. “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.”

The agreement envisages the offtake of renewable electricity by Stanwell and the potential equity involvement of Stanwell in the projects.

 

 

 

 

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