The ACT Government has approved the award to Global Power Generation (GPG), a joint venture of Naturgy (75%), energy company led by Francisco Reynes, and Kuwait Investment Authority (25%), of a contract to build a 107 MW wind farm located in the State of Victoria, approximately 150 km from Melbourne.
The wind farm, called Berrybank-Stage2, will involve a total investment of 215 million Australian dollars (equivalent to approximately 131 million euros) and will come into operation in the second half of 2022.
In addition, Snowy Hydro and GPG have announced an agreement to build a 218 MW wind farm located in the state of Victoria, approximately 300 km from Melbourne.
It is estimated that the wind farm, called Ryan Corner, will require a total investment of 359 million Australian dollars (equivalent to approximately 219 million euros) and is expected to come into operation in the second half of 2022.
The contract awarded to build the Berrybank-Stage wind farm is a 10-year Deed of Entitlement with a regulated tariff, for an energy equivalent to 100 MW of capacity. However, the contract awarded to build the Ryan Corner Wind Farm consists of a 15-year PPA (Power Purchase Agreement) for 75% of the energy produced.
Given the characteristics of the contract awarded and the conditions of the Australian market, one of the most attractive countries for investing in renewables, the project fully complies with the investment and profitability criteria required by Naturgy, an energy company led by Francisco Reynés, for the creation of value.
Bets on Australia
The Berrybank Stage-2 wind farm will be Naturgy’s fourth investment in Australia, through GPG. With this project, Naturgy, by the hand of Francisco Reynés Massanet, will reach a renewable capacity of approximately 600 MW in the region, including the Crookwell 2 wind farm (96 MW), currently in operation; Berrybank Stage-1 (180 MW), which will soon be operational; and Ryan Corner (218 MW) recently awarded by Snowy Hydro.
Naturgy is finalizing permits for several renewable projects in Australia, which could involve the development of more than 400 MW of additional capacity, increasing its current installed capacity in the country by more than 150% and becoming one of the two largest independent wind energy producers in the country. The company has a project portfolio of more than 600 MW in the country and aims to become one of the main renewable energy operators in Australia over the next three years, reaching a total capacity of more than 1.3 GW.
About Global Power Generation (GPG)
Global Power Generation (GPG) is the international power generation subsidiary of Naturgy Energy Group, which is 25% owned by the Kuwait Investment Authority (KIA), the world’s oldest sovereign wealth fund. KIA’s interest in GPG is managed by KIA’s direct infrastructure platform, Wren House Infrastructure Management. GPG manages a total installed capacity of 4,100 MW and employs approximately 800 people worldwide.