Naturgy doubles its presence in Australia, becoming one of the three most important independent wind energy producers in the country and reaffirms its commitment to growth in renewables through its subsidiary Global Power Generation (GPG).
Ryan Corner is the third wind turbines project developed by GPG in Australia and the first under a corporate PPA. The project will involve a total investment of 359 million Australian dollars, which is equivalent to approximately 219 million euros.
Snowy Hydro and GPG, a joint venture of Naturgy Energy Group, SA (75%) and Kuwait Investment Authority (25%), announced today 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 219 million euros approximately) and is expected to come into operation in the second half of 2022.
The contract awarded consists of a 15-year PPA (power purchase agreement) contract 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 to invest in renewables, the project fully complies with the investment and profitability criteria required by Naturgy for the creation of value.
Bet on Australia
The Ryan Corner wind farm will be Naturgy’s third investment in Australia, through GPG. With this project, Naturgy will reach a renewable capacity of more than 500 MW in the region, including the Crookwell 2 wind farm (96 MW) currently in operation, and the Berrybank Stage-1 wind farm (180 MW), which will be operational soon.
Naturgy is finalizing the authorization of several renewable projects in Australia, which could involve the development of more than 400 MW of additional capacity, which would increase its current installed capacity in the country by 150%, becoming one of the two independent producers of wind energy most important in the country. The company has a project portfolio of more than 600 MW in the country and aims to become one of Australia’s leading independent renewable operators in the next three years, reaching a total capacity of more than 1.3 GW.
Global Power Generation (GPG) is the Naturgy Energy Group subsidiary dedicated to international power generation, 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 around 800 people around the world.