Renewable energy projects get $1.5 billion worth of contracts

Author: Darvin Tocmo  Date Posted:9 December 2016 

An Australian energy company commits $1.5 billion for renewable energy projects.  EnergyAustralia sets an example for energy companies in Australia. Despite capitalizing on coal-fired power stations, they don't turn their backs on their responsibilit

An Australian energy company commits $1.5 billion for renewable energy projects. 

$1.5 Billion for Australian Renewable Project

EnergyAustralia sets an example for energy companies in Australia. Despite capitalizing on coal-fired power stations, they don't turn their backs on their responsibility to the community and the environment.

The company, through their Managing Director Catherine Tanna, announced their plan to set aside a whopping $1.5 billion for renewable energy projects. They will sign agreements for power purchase, specifically for 500 MW of power from new wind and solar energy projects across eastern Australia.

Manildra solar farm electricity purchase

The program’s first commitment involves buying all electricity from the 42.6MW Manildra solar farm. This New South Wales solar farm gets funding from the Australian Renewable Energy Agency (ARENA). The developer is First Solar, a company known for utility-scale solar projects.

The Manildra Solar Farm will see construction in early 2017 but will operate by 2018. Before the year ends, the company anticipates a final power purchase agreement that spans 13-year. The contract includes all power output of the farm.

The emissions-free, renewable energy will power up to 14,000 homes each year, until 2030.

Commitment to renewable energy projects

The program will largely contribute in the government’s 2020 Renewable Energy Target. Renewable resources will pitch in 23% of total energy. And so far, the company has more than $1 billion of capital investment for the new renewable generation.

They have secured rights to over 450MW of electricity from wind farms in New South Wales, as well as in Victoria and South Australia. The current renewable investments should be enough to power around 300,000 households every year.

Ms. Tanna expressed hope that these projects will reinforce Australia’s energy supply. They would like customers to continue enjoying reliable, affordable energy. Renewables will be more active as coal-fired power plants retire.

EnergyAustralia owns two of the biggest coal-fired power plants in the country. They admit to generating more than 20 million tons of carbon dioxide a year. However, they make it up by promoting and leading the development of cleaner forms of energy.