Allens has advised renewable energy developer Genex on two significant power purchase agreements (PPAs) with leading energy providers EnergyAustralia and Stanwell for its Kidston Stage 3 Wind Project (K3W Project).
This milestone marks a major step towards the development of the K3W Project, which is the third stage of Genex's Kidston Clean Energy Hub.
The Kidston Clean Energy Hub, which will integrate pumped hydro, solar and wind power technology, will provide much-needed generation and system strength to the North Queensland grid.
Under the agreements, EnergyAustralia has secured 30% of the K3W Project's output over a 10-year period, while Stanwell has secured 50% over 15 years, commencing once the wind farm becomes operational
'PPAs have a vital role to play in funding the shift of the nation's energy grid to renewables. We are really pleased to have been able to help Genex with these agreements, which are material to managing the risk associated with the delivery of this asset,' said Allens Partner Melissa Keane.
'We expect appetite from energy retailers to secure access to renewable energy through PPAs will only increase as we move closer to the country's 2050 net zero target.'
