Under a signed Memorandum of Understanding, Stanwell will assess energy offtakes and potential equity investment for RWE’s proposed Theodore Wind Farm, a 1.1GW project near Biloela, and another 720MW project in early-stage development in southern Queensland.
The Theodore Wind Farm alone is expected to power the equivalent of 410,000 Australian homes.
Related article: Queensland previews future Stanwell Clean Energy Hub
According to current plans, the two projects could be completed and start operations by 2029, subject to securing the necessary permits, grid connection and final investment decisions.
The initiative forms part of Stanwell’s strategy to build a renewables portfolio of 9-10GW of generation and 3-3.5 GW of storage by 2035 to support the Queensland Government’s renewable energy target of 80% by 2035.
RWE expects that the two projects under the MOU will be completed by 2029 and will create more than 500 jobs during construction.
“We are thrilled to partner with RWE on two such significant projects. An additional 1.8 GW of clean energy by 2029 represents a major boost in our rapidly growing portfolio of renewable energy projects,” Stanwell Corporation CEO Michael O’Rourke said.
“This is a win-win agreement for the energy industry, Queensland and our commercial and industrial customers who want clean, reliable and affordable energy to power their businesses.
RWE Global CEO Dr Markus Krebber said the company was excited to be partnering with Stanwell to achieve Queensland’s renewable energy ambitions.
Related article: Queensland’s Wind Farm Code under review
“RWE sees Australia as a very attractive renewable energy growth market and we are looking forward to working on developing the proposed Theodore Wind Farm,” he said.
“We are committed to increasing our presence in the Australian market, and the signing of this memorandum of understanding with Stanwell for Theodore, and another of our Queensland projects, is a demonstration of this commitment.”
The proposed Theodore Wind Farm is now in early development, undertaking project studies and community consultation.