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RWE and Stanwell Corporation have inked a Memorandum of Understanding (MoU) for the development of two onshore wind projects in Queensland, with a combined potential capacity of up to 1.8 GW.
As per the MoU, Stanwell will conduct in-depth assessments of energy offtake opportunities and explore potential equity investments in RWE’s Theodore Wind Farm, an undertaking with a projected capacity of up to 1,100 megawatts (MW), currently in the developmental phase near Biloela. Additionally, the MoU encompasses a second wind farm, in early-stage development in southern Queensland, with a potential capacity of up to 720 MW.
As per existing plans, both projects aim to commence operations by 2029, contingent upon securing the requisite permits, grid connections, and final investment decisions. The Theodore Wind Farm is anticipated to generate sufficient electricity for 410,000 homes and create over 500 jobs during peak construction phases, along with up to 50 permanent positions during its 35-year operational lifespan.
The agreement also outlines Stanwell’s intention to procure renewable electricity from the projects and explores the possibility of Stanwell becoming an equity partner in these ventures.
Speaking about the development, Markus Krebber, CEO of RWE AG, said, “RWE is excited to be partnering with Stanwell on these two major projects and assisting Queensland to achieve their renewable energy ambitions. 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. 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.
Michael O’Rourke, CEO of Stanwell, added, “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. 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. And it strengthens Queensland’s position to deliver on the targets set out in the Queensland Energy and Jobs Plan, bringing more investment and jobs into our regional communities.”