Stanwell will investigate and assess energy offtakes and potential equity investment in RWE’s 1,100MW Theodore wind farm, and will also invest in the second wind farm, with up to 720MW in early-stage development, located in southern Queensland
Stanwell CEO Michael O'Rourke, Queensland Deputy Premier Steven Miles, and RWE CEO Markus Krebber. (Credit: RWE)
German renewable RWE has signed a Memorandum of Understanding (MoU) with Queensland government-owned Stanwell Corporation, to deliver two onshore wind projects in Queensland, with a combined capacity of up to 1.8GW.
Under the terms of the MoU, Stanwell will investigate and assess energy offtakes and potential equity investment in RWE’s 1,100MW Theodore wind farm, under development near Biloela.
Stanwell will also invest in the second wind farm, with up to 720MW in early-stage development, located in southern Queensland.
The two onshore wind projects are expected to be operational in 2029, subject to receiving necessary permits, grid connection and final investment decisions.
RWE CEO Markus Krebber said: “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.
“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.”
Theodore Wind Farm is expected to generate adequate electricity to power 410,000 homes.
It is expected to create more than 500 jobs during peak construction periods, and up to 50 ongoing jobs during the project’s operational period of 35 years.
RWE is a renewable energy producer that operates a portfolio of nearly 16GW of renewable energy projects comprising onshore and offshore wind, solar and battery storage.
The company currently owns more than 70 renewable energy projects in 12 countries under construction a total capacity of more than 7GW across the world.
RWE said that Australia is one of its focus markets, where it has been operating for 10 years.
Stanwell is a major provider of electricity and energy solutions to Queensland, the National Electricity Market and large energy users throughout Australia.
The company’s portfolio includes more than 3,000MW of renewable energy under contract, in construction or development.
Stanwell CEO Michael O’Rourke said: “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.
“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.”