- Publicly-owned energy company Stanwell Corporation signs a Memorandum of Understanding (MoU) with global renewable energy leader RWE
- The new partnership has a key focus on the development of two new wind farms in Central and Southern Queensland
- If successful, it will pave the way for future renewable energy projects, investment and innovation in Queensland
- The partnership will support the Palaszczuk Government’s renewable energy target of 80% by 2035.
Publicly-owned energy company Stanwell Corporation has signed a Memorandum of Understanding (MoU) with global renewable energy leader RWE to establish a strategic partnership and support the delivery of Stanwell’s 9 – 10 GW pipeline of renewable energy assets.
The partnership will commence with the development of two new RWE wind farm projects in Central and Southern Queensland by 2029, and pave the way for future renewable energy projects, investment and innovation.
Partnerships between publicly owned corporations and private companies are key to retaining and growing industry in Queensland, with large energy consumers, including Arnott’s Biscuits and Anglo American, turning to renewable energy to meet their decarbonisation targets.
The Palaszczuk Government has committed to maintaining public ownership of generation and is working with local investors to ensure we can leverage our world-class renewable resources to achieve Queensland’s decarbonisation goals.
The MoU identifies Theodore Wind Farm, a potential new 1,100 MW project near Biloela, and a second wind farm of up to 720 MW in early-stage development in Southern Queensland, with the partnership enabling negotiations on public ownership and equity, as well as offtake models.
Should it proceed, the Theodore project will take advantage of the strong state-owned network infrastructure in the Biloela region, at the heart of one of Queensland’s major Renewable Energy Zones.
The potential developments will help deliver the Palaszczuk Government’s renewable energy target of 80% by 2035 by supporting Stanwell’s commitment to build a renewables portfolio of 9 to 10 GW of generation and 3 to 3.5 GW of storage by 2035.
The proposed Theodore Wind Farm project is expected to generate enough electricity to power about 410,000 homes and will create up to 500 jobs during peak construction and up to 50 ongoing jobs during the project’s 35-year operations.
The two proposed projects being developed under the MOU are expected to be completed by 2029.
Quotes attributable Acting Premier Steven Miles:
“The world realises Queensland has a natural advantage in renewable energy and manufacturing, combined with the world-class workforce that makes us ideal for renewable investment right now.
“Queensland has some of the best wind resources in the world, and with the Queensland Energy and Jobs Plan we are now one of the best places for renewable energy investment.
“The Palaszczuk Government is delighted to welcome global renewables powerhouse RWE to be part of our clean energy transformation. RWE is widely recognised as a worldwide leader in the field of renewables.
“An additional 1.8 GW from new two wind farms will be a big win for Queensland and will support jobs, regional investment and opportunities for local communities.”
Quotes attributable to Treasurer and Minister for Trade and Investment Cameron Dick:
“Queensland is perfectly positioned to capitalise from the biggest change to the global energy market since the industrial revolution.
“The Palaszczuk Government’s Queensland Energy and Jobs Plan is creating quality skilled work for Queenslanders while encouraging private investment through the Government’s clear intent to reach 80 per cent renewable energy by 2035.
“Our Government’s commitment to this plan was confirmed in the recent budget, with $19 billion allocated across renewable energy, storage, and network projects.
“RWE has been in the energy sector for more than 125 years and this partnership with publicly-owned generation company Stanwell opens the door for Queensland to leverage RWE’s international expertise and investment for the first time.”
Quotes attributable to Minister for Energy, Renewables and Hydrogen, Minister for Public Works and Procurement:
“The Palaszczuk Government is committed to ensuring Queensland’s energy assets remain in the hands of Queenslanders, with this partnership further strengthening Stanwell’s capability to continue to deliver cleaner, cheaper and more secure energy.
“Because of Queensland’s enviable position thanks to the Energy and Jobs Plan and our world-class government owned corporations, we are continuing to attract significant investment and expertise from global companies that ensure we remain a powerhouse for manufacturing and export opportunity.
“As we surpass 25% renewable energy uptake and progress to our target of 80% by 2035, we are seeing more investment and more good jobs for Queenslanders, particularly in regional and rural communities.”
Quotes attributable to Michael O’Rourke, CEO Stanwell
“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.”
Quotes attributable to Dr Markus Krebber, RWE AG CEO:
“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.”
