Octopus Australia to acquire 180MW Dulacca Wind Farm from RES

• Octopus Australia acquires Dulacca Wind Farm from global renewable energy company RES
• Queensland Minister for Energy, Renewables and Hydrogen Mick de Brenni announces Power Purchase Agreement with publicly-owned energy generator CleanCo

Octopus Australia, part of Octopus Group that manages over 260 renewables assets globally has today announced the acquisition of Dulacca Wind Farm from RES, the world’s largest independent renewable energy company. Once constructed the wind project, in Queensland, Australia, will consist of 43 wind turbines and generate enough electricity to power approximately 124,000 homes.

As well as co-existing alongside the agricultural use of the land, the project will make an active contribution towards the Queensland Government’s target of 50% renewables by 2030 and will provide much needed generation diversity in this part of the electricity network. The project reflects a clear commitment to quality site selection, representing a balance between securing a fantastic wind resource while minimising impacts on existing agricultural land use, Aboriginal cultural heritage, and significant environmental features and species. In addition, a community fund of $1.25m will provide funding opportunities for local projects, educational and environmental initiatives, community groups and organisations within the communities local to the project.

RES’ Construction Management team will support the delivery of the project by managing the EPC and grid connection contracts throughout the AEMO registration process. During peak construction, up to 150 workers will be active on the project site with between 700-800 people expected to directly support the construction of the project over the 2 year construction period. The project will additionally create indirect employment opportunities through supply chain and the provision of local goods and services.  A further 5 – 10 permanent jobs will be created during the 30 year operational life of the wind farm. RES will continue its involvement in the project through the provision of asset management services alongside Octopus, including finalizing key registrations and engaging RES’ 24/7 Global Control Centre for plant monitoring.  

This is Octopus’ fourth large scale Australian renewable asset, with projects in NSW, Victoria and now Queensland after first entering the market in 2018. Octopus now has a dedicated renewable energy team in Australia of 25 people and is responsible for managing over $1 billion, across construction and operational assets in the country with ambitions to continue this rapid growth.

Darren Brown, Octopus Australia’s Investment Director and lead on Dulacca said: “It is great for Octopus to continue our long-standing European relationship with two strong counterparties in RES and Vestas, who between them bring deep wind farm construction and grid experience in Australia. Octopus is also looking forward to forging a new long-term relationship with CleanCo as our PPA partner. There is great alignment among the parties with CleanCo, RES and Vestas also sharing our long-term commitment to the community and helping Australia meet our renewable energy targets.”

Sam Reynolds, Octopus Australia’s Managing Director commented “Significant wind projects like Dulacca are key to helping decarbonise power generation in Australia. They follow our strategy of creating a diversified portfolio across location and technology that matches what the future of Australian energy should look like. In line with our B Corp certification, the community is at heart of everything we do, and we look forward to continuing the excellent work RES has done in the local area.”

Matt Rebbeck, RES’ CEO in Australia said “This is yet another quality development project from RES and are grateful for the support of the forward-thinking local council. We are very excited about seeing this project come to life and seeing the creation of opportunities for the local communities, including those through the creation of the community fund.  We are pleased to be continuing our involvement in this outstanding project and we are looking forward to supporting our partners at Octopus in the construction and operation of the wind farm.”

Debt financing was arranged from a banking consortium including CBA, ING, MUFG, SMBC and Westpac.

In addition to Octopus Australia’s acquisition of Dulacca Wind Farm, it has been announced that publicly-owned energy generator CleanCo Queensland has signed a power purchase agreement with the project owners.  The offtake agreement will add a further 126MW to the 980MW of renewable energy CleanCo has already committed to bring to market over the next three years.

CleanCo CEO Dr Maia Schweizer said the wind energy generated by the Dulacca Renewable Energy Project would complement CleanCo’s growing portfolio of renewable energy generation.

“CleanCo’s generation portfolio enables us to offer uniquely low-emissions energy to our large commercial and industrial customers. Power Purchase Agreements like this one mean we can offer competitively priced energy contracts supported by renewables and our fleet of low-emissions firming generation, guaranteeing supply day and night. The benefits of these agreements are far-reaching – our customers meet their sustainability targets at a competitive cost, helping them to remain relevant in a decarbonising world, and in turn we help Queensland meet our State emissions targets.”

Ends

About Octopus

Octopus Group is one of the largest owners of renewable energy projects in Australia and Europe, it owns some 260 assets, on behalf of wholesale and institutional investors. Domestically, Octopus Australia is responsible for managing over $1 billion, across construction and operational assets.

Our mission is to accelerate the transition to a future powered by renewable energy. As a specialist renewables manager, we believe there is a huge opportunity to unblock investment in renewables by building a bespoke portfolio of renewables assets at economies of scale across multiple assets, technologies, and locations to create better outcomes for our investors.

Domestically, since arriving, Octopus Australia has already seen sizable growth, both by way of the expansion of their team and projects. Our local team has extended its’ on the ground presence, with 25 dedicated energy professionals across a broad range of expertise including grid, community engagement, engineering, investment, energy markets, and asset management. Octopus Australia has recently joined forces with the $10bn Clean Energy Finance Corp, to build out $200m in renewables in Gippsland, and Octopus owns Australia’s largest solar plant, the 333MW facility in Darlington Point, NSW – enough to power 115,000 homes.

We’re also thrilled to be one of the few financial services and energy companies to meet the strict criteria to become a B Corp. To gain B Corp certification, a company needs to meet high standards and prove it has a positive impact not just on its workers and customers, but also on the wider community and environment.

For more information, check out our website.

About RES

RES is the world’s largest independent renewable energy company active in onshore and offshore wind, solar, energy storage and transmission and distribution. At the forefront of the industry for nearly 40 years, RES has delivered more than 21GW of renewable energy projects across the globe and supports an operational asset portfolio exceeding 7.5GW worldwide for a large client base.  Understanding the unique needs of corporate clients, RES has secured over 1.5GW of corporate power purchase agreements (PPAs) enabling access to energy at the lowest cost. RES employs over 2,000 people and is active in 10 countries.

RES has a development portfolio of over 4.7GW in Australia and has an asset management portfolio of over 1.2GW within the country. DNV have reported how assets managed by RES perform 1% better than the market average. Over the life of a 100MW wind farm that could be the equivalent over $4.5 million AUS in additional yield revenue.

www.res-group.com