Snowy Hydro to purchase 40 percent of Golden Plains Wind Farm energy and green certificates

Global clean energy enterprise TagEnergy has signed a significant renewable Power Purchase Agreement (PPA), entering a deal that will see Snowy Hydro take 40 per cent of the energy and green certificates (LGCs) generated by the 756MW first stage of Golden Plains Wind Farm.

This transaction is the first PPA for the Golden Plains Wind Farm since the first stage of the 1,300MW mega project near Geelong, Victoria achieved financial close in November 2022 on a merchant basis, which was unique at the time.

It comes as TagEnergy negotiates further PPAs for the project that has generated significant interest for its quality and location.

Franck Woitiez, Chief Executive Officer, TagEnergy said achieving financial close of Golden Plains Wind Farm East without the need for PPAs proved the effectiveness of its innovative investment approach.

“Now, this landmark PPA with Snowy Hydro proves our strategy to progressively contract the energy production during construction and operation. It also reflects the confidence major industry players like Snowy Hydro have in our large-scale renewables project expertise,” Mr Woitiez said.

“We are proud to enter this agreement with Snowy Hydro as we both work to ensure energy security and accelerate the transition to renewable energy as part of a rapidly growing industry,” he said.

The transaction has helped enable Snowy Hydro to secure a significant portion of its energy and LGC needs with a quality project that is at an advanced stage.

Snowy Hydro Chief Executive Officer, Dennis Barnes, said “our partnership with TagEnergy is a significant step in supporting the decarbonisation of the National Electricity Market and further enabling Australia’s transition to renewables.”

Snowy Hydro Chief Commercial Officer, Gordon Wymer, added, “TagEnergy has succeeded in developing an investment structure that provided optimal outcomes for all stakeholders. This has enabled Snowy to continue to expand its ability to provide clean, green, cost-effective renewable energy to our customers, and paves the way for further cooperation with TagEnergy on other developments.”

Construction on the $2bn, 756MW stage one development featuring 122 turbines officially began in April 2023 following months of early works including road upgrades. It is expected to start producing renewable energy in the first quarter of 2025.

The estimated annual emissions abatement is an average 770,000 tonnes CO 2 -e, or more than 23 million tonnes CO 2 -e over the project’s 30-year lifetime.

Golden Plains Wind Farm

The Golden Plains Wind Farm Project involves the establishment of a wind energy facility including wind turbines and associated electrical infrastructure on 16,723 ha to the West, South and South East of Rokewood, a small rural town in the Shire of Golden Plains; approximately 60 km North West of Geelong. The site is located on land that is primarily used for agricultural purposes such as broad acre cropping and livestock grazing.

Golden Plains Wind Farm – East (Stage 1) commenced construction in Q1 2023 and will feature 122 turbines and is currently owned by TagEnergy (85%) and Ingka Group (15%).

Golden Plains Wind Farm – West (Stage 2) of the project is wholly owned by WestWind Energy and is expected to commence construction in early 2024. 

With an installed capacity of more than 1,330MW, the Golden Plains Wind Farm’s turbines will be capable of producing more than 4,000 GWh of green energy annually. This sustainable energy will provide enough power for more than 765,000 homes – the equivalent of every home in regional Victoria. The Golden Plains Wind Farm will prevent more than four and a half million tonnes of carbon dioxide from being emitted to the atmosphere annually – equivalent to 3% of Victoria’s total greenhouse emissions.

KeyFacts Energy: Wind Energy   l   KeyFacts Energy: Renewable Energy news