Global Power Generation (GPG), a joint venture between Naturgy Energy Group and the Kuwait Investment Authority, has won tender for the construction of 180MW of wind farm in Victoria, Australia.
Image: GPG will build the new wind farm in Victoria. Photo: courtesy of safegear/Freeimages.com.
The wind farm is one of the six renewable energy projects, with combined generation capacity of more than 900MW, awarded by the Victorian government under its Victorian Renewable Energy Targets (VRET) auction.
The six projects will have capacity to generate enough clean energy required to power 640,000 households in the state.
GPG will build the new wind farm, named Berrybank, approximately 150km from Melbourne, with an investment of A$259m (€166m).
The wind farm is planned to be commissioned in the second half of 2020,
Naturgy executive chairman Francisco Reynés said: “This is an important step to further strengthen our international presence. Australia is a very attractive country to invest in renewable energy projects as it combines attractive returns for investors while it takes into consideration the social and environmental requirements.”
Naturgy said that the project complies with the investment and profitability criteria established by Naturgy in its Strategic Plan 2018-2022
GPG vice chairman Karl Lim said: “The Berrybank windfarm is an attractive opportunity for GPG to continue its international growth strategy, and to build on GPG’s investment in renewable power in Australia, a core growth market for GPG.”
The VRET scheme aims to generate nearly 25% of its energy needs from renewable sources by 2020 and 40% by 2025 in the state, and
In addition to creating more than 11,000 jobs over the life of the scheme, the VRET is expected drive around $9bn of investment.
Victorian Minister for Energy, Environment and Climate Change Lily D’Ambrosio said: “Renewable energy creates jobs, drives growth, and protects our environment – and most importantly, helps drive down power prices for Victorian households and businesses.
“In contrast to the Liberals who tried to shut this industry down, we’re backing renewable investment and renewable jobs.”
Naturgy has a project pipeline of over 1GW in Australia in the states of Victoria and New South Wales.