Snowy Hydro and GPG, a joint venture between the Naturgy Energy Group and the Kuwait Investment Authority, have agreed to construct a 218 MW wind farm located in Victoria State.
The Ryan Corner wind farm is estimated to require a total investment of approximately € 219 million and is scheduled to launch operations in the second half of 2022.
The contract awarded consists of a 15-year PPA difference contract (power purchase agreement) for 75% of the energy generated. Given the characteristics of the contract awarded and the conditions of the Australian sector, one of the most desirable countries to invest in renewables, the project completely complies with the investment and profitability requirements needed by Naturgy for the development of value.
Ryan Corner’s wind farm will be Naturgy’s third largest investment in Australia through GPG. With this plant, Naturgy will have a renewable capacity of more than 500 MW in the area, along with the Crookwell 2 Wind Farm (96 MW) currently in service, and the Berrybank Stage-1 (180 MW) Wind Farm, close to completion.
Naturgy is finalizing the authorization of various renewable projects in Australia, which could require the production of more than 400 MW of additional capacity, raising its current installed capacity by 150 per cent in the region, while becoming the top-2 independent wind power producer in Australia.
The business has a project pipeline of more than 600 MW in the country and plans to become one of Australia’s leading independent renewable operators over the next three years, achieving a total capacity of more than 1.3 GW.