Snowy Hydro will acquire 75% of the power generated by the Ryan Corner wind farm over a period of 15-year
Spanish utility company Naturgy Energy Group has announced that its joint venture (JV) company with the Kuwait Investment Authority (KIA), named Global Power Generation (GPG) will build a 218MW Ryan Corner wind farm in Australia.
The JV company has also signed a power purchase agreement (PPA) with an electricity generation and retailing company, Snowy Hydro.
Under the deal, Snowy Hydro will acquire 75% of the power generated by the wind farm over a period of 15-year.
Located at Victoria State, around 300km from Melbourne, the Ryan Corner wind farm will be constructed with an investment of AUD359m ($261.5m) and is anticipated to commence operations in the second half of 2022.
Ryan Corner wind farm is Naturgy’s third investment in Australia
The wind project is said to be the Spanish utility company’s third investment in Australia, through its JV company, in which the company holds 75% stake while the remaining (25%) is held by KIA.
GPG has already developed the 96MW Crookwell 2 wind farm and is currently constructing the 180MW Berrybank Stage-1 wind project in Victoria.
With the completion of Ryan Corner wind project, Naturgy will have a renewable capacity of more than 500MW in the region.
The company said that it is completing the permission process for a number of renewable power projects in Australia, which is expected to include development of over 400MW additional capacity.
In September last year, Naturgy commissioned a 150MW photovoltaic (PV) solar energy complex in Castilla-La Mancha in the province of Ciudad Real, Spain.