Iberdrola SA has signed an agreement to buy Victoria state’s Ararat Wind Farm, operational since 2017 with a 242-megawatt (MW) capacity, from Partners Group and OPTrust.
“The asset sells most of its output through power purchase agreements with large customers, providing predictable cash flows, and will benefit from increasing expected prices in an environment of increasing demand for renewable energy in Victoria”, Spanish power utility Iberdrola said in a press release.
“This acquisition also reinforces the company’s ability to supply its business customers portfolio with own generation in Victoria, a state targeting 95 percent renewable energy by 2035.
“Additionally, the wind farm is set to benefit from upcoming transport infrastructure projects, such as the Western Renewable Link and Project Energy Connect, increasing its options to export energy.
“The transaction reaffirms Iberdrola’s commitment to expanding renewable energy in Australia, in line with the country’s electrification strategy”.
Iberdrola plans to invest over EUR 1 billion ($1.18 billion) in Australia by 2028, part of a bumped-up global investment package it announced September 24.
Earlier this year Iberdrola bought the 270-MW, Tungkillo battery energy storage system (BESS) project in South Australia from RES Australia.
The project “has all the key approvals and very advanced connection rights, in addition to the land already secured”, Iberdrola said in a statement October 15. It expects to invest EUR 275 million in the project, which it aims start up by 2028.
“The Australian system requires a significant increase in battery storage capacity to integrate the new renewable capacity and bring flexibility to the system”, Iberdrola said. “The location of the Tungkillo project, in the south of the country, is optimal for providing this service.
“In the case of Iberdrola Australia, the storage systems provide backup capacity for its portfolio of energy sales contracts to customers”.
Iberdrola has two other BESS projects under construction in Australia, the company added. It expects the 65-MW Smithfield project in New South Wales and the 180-MW Broadsound project, which is part of a 360-MW solar project in Queensland, to be online 2025 and 2026 respectively.
Iberdrola already has two operational BESS projects in the country, according to an online directory of its Australian assets. Iberdrola has a 10-year dispatch control for TransGrid’s 50-MW Wallgrove Grid Battery, connected to the New South Wales transmission network. Meanwhile Iberdrola’s 25-MW Lake Bonney project is co-located with the Lake Bonney Wind Farms near Millicent in South Australia.
Additionally Iberdrola has three proposed BESS projects in Australia, according to the directory.
To contact the author, email jov.onsat@rigzone.com
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