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Snowy Hydro announces new renewable energy purchases

Snowy Hydro announces new renewable energy purchases

Snowy Hydro has announced that it has purchased 40 pet cent of Golden Plains Wind Farm energy and green certificates.

Global clean energy enterprise TagEnergy has signed a significant renewable Power Purchase Agreement (PPA), entering a deal that will see Snowy Hydro take 40 per cent of the energy and green certificates (LGCs) generated by the 756MW first stage of Golden Plains Wind Farm.

This transaction is the first PPA for the Golden Plains Wind Farm since the first stage of the 1300MW mega project near Geelong, Victoria achieved financial close in November 2022 on a merchant basis.

It comes as TagEnergy negotiates further PPAs for the project that has generated significant interest for its quality and location.

Franck Woitiez, Chief Executive Officer, TagEnergy said achieving financial close of Golden Plains Wind Farm East without the need for PPAs proved the effectiveness of its innovative investment approach.


 

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“We are proud to enter this agreement with Snowy Hydro as we both work to ensure energy security and accelerate the transition to renewable energy as part of a rapidly growing industry,” he said.

The transaction has helped enable Snowy Hydro to secure a significant portion of its energy and LGC needs with a quality project that is at an advanced stage.

Snowy Hydro Chief Executive Officer, Dennis Barnes, said the deal would help to expand the company’s investment in renewable energies.

“Our partnership with TagEnergy is a significant step in supporting the decarbonisation of the National Electricity Market and further enabling Australia’s transition to renewables,” he said.

Construction on the $2 billion, 756MW stage one development featuring 122 turbines officially began in April 2023 following months of early works including road upgrades. It is expected to start producing renewable energy in the first quarter of 2025.

The estimated annual emissions abatement is an average 770,000 tonnes CO 2 -e, or more than 23 million tonnes CO 2 -e over the project’s 30-year lifetime.

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