Enel to acquire 1GW Julia Creek Renewables Project

Solar panels with wind turbines in background (enel julia creek)
Image: Shutterstock

Enel Green Power Australia has signed an agreement with minerals company QEM to purchase the 1GW Julia Creek Renewables Project in Queensland.

Related article: Japan’s Inpex buys 50% stake in Enel Green Power

Comprising solar and wind power, the Julia Creek Renewables Project will be adjacent to QEM’s flagship Julia Creek Vanadium and Oil Shale project in north-west Queensland.

Enel will pay $3 million to acquire wind and solar monitoring equipment, more than 18 months of data, and intellectual property regarding engineering, environmental, geotechnical, flood plain and other project studies.

It will also make two contingent payments totalling $4 million upon the project reaching a positive final investment decision and achieving key development milestones.

Enel will also pay QEM a revenue-based royalty of between 1–2% from the project as well as offering QEM a 10-year offtake agreement for the supply of up to 25MW of renewable power for its mining operations.

“QEM is delighted to be associated with a team which can draw on its vast global experience in renewable power development,” QEM managing director Gavin Loyden said.

“In addition to the direct benefits for QEM in having access to renewable power for our vanadium project, the whole region will enjoy significant direct and indirect benefits from this scale of development.”

Enel Green Power Australia CEO Werther Esposito said, “We are incredibly pleased to be working in partnership with QEM to deliver the Julia Creek renewables project.

“With outstanding wind and solar resource, the proposed project has the potential to be one of Queensland’s largest renewable energy projects.

Related article: New premier, new emissions reduction target for Queensland

“The project is expected to contribute to significant supply and employment opportunities for the surrounding community, creating a positive economic impact on the local area.”

Previous articleConsultation open for Mount Piper to Wallerawang line route
Next articleWaste supercomputer heat and old mines could warm homes