Meridian Energy Australia has entered into an agreement to purchase three hydropower stations from Trustpower for $168 million.
The company has also signed three power purchase agreements (PPAs) with renewable projects in Victoria and New South Wales to support Powershop’s continued customer growth.
The PPAs include CWP Renewables’ 135MW Crudine Ridge Wind Farm in NSW; Total Eren’s 200MW Kiamal Solar Farm in Victoria; and TILT Renewables’ 54MW Salt Creek Wind Farm in Victoria.
The combination of these hydro, wind and solar projects will add 749GWh, taking Meridian’s annual renewable generation to roughly 1300GWh in Australia.
Meridian Energy Australia and Powershop Australia chief executive Ed McManus said Meridian is pleased to add hydro, wind and solar generation capacity to its existing wind generation.
“These agreements expand our portfolio of 100 per cent renewable generation allowing us to support our growing customer base and drive further demand for large scale renewable energy in Australia,” he said.
Trustpower operates the Hume, Burrinjuck and the Keepit hydropower stations in New South Wales.
Meridian has entered into a conditional agreement with Trustpower Limited to purchase GSP Energy, which operates the power stations.
The agreement is for the purchase of 100 per cent of the shares of GSP Energy.
Powershop, Meridian Australia’s retail arm, has been on a strong growth trajectory since its launch in 2014, with customer numbers now more than 100,000.
Mr McManus said the fast growth of Powershop created the need to move into the renewable energy market.
“Acquiring the three hydropower stations along with the three PPAs for wind and solar farms in New South Wales and Victoria allows Powershop to continue to cover its growing retail position,” Mr McManus said.
“Powershop’s steady growth is proof that Australians have a strong desire to support a green energy company.
“As Powershop continues to grow, we will invest in more renewable energy generation.”
“Additionally, the opportunity to acquire hydro assets in Australia is extremely rare and having a balanced portfolio of wind, solar and hydro allows us to more effectively manage risk in the market.”
Powershop Australia is the only electricity retailer to be certified 100 per cent carbon neutral by the Australian Government and has been ranked by Greenpeace as the greenest power company in Australia for two years running.