Queensland’s state-owned Stanwell has announced it has transferred its option to purchase Tarong West Wind Farm from RES Australia.
Related article: Tarong West Wind Farm ticks federal enviro approval
The project—which would have been Australia’s largest publicly owned wind farm had Stanwell proceeded with its acquisition—just received the final tick to go ahead after gaining federal environmental approval.
Stanwell said in a statement, “Stanwell has transferred its option to acquire the Tarong West Wind Farm to a private investor who will progress the project with RES.
“Stanwell retains exclusivity to negotiate a long-term commercial offtake arrangement for power from the Tarong West Wind Farm through a Power Purchase Agreement (PPA).”
RES Australia confirmed it had found a new equity partner for the wind project in global renewables investor Innagreen Investments, with whom it has developed a number of other projects.
RES said in a statement, “Innagreen has replaced Stanwell under the option arrangements, with Stanwell retaining exclusivity to negotiate long-term commercial offtake arrangements for power from the project.
Related article: Stanwell’s Tarong Battery begins commercial operations
“Innagreen and RES share a longstanding relationship, with common ownership and a leadership team bringing more than 100 years combined of renewable energy experience.”
