HWF Stage 3 wins a 109MW Offtake Agreement

HWF Stage 3 wins a 109MW Offtake Agreement

PRESS RELEASE_Neoen_MegawattCapital_HWF3_August 2016_Final

The third stage of the Hornsdale Wind Farm has been awarded a 20 year Feed-in-Tariff in the Australian Capital Territory Next Generation Renewables Auction.

This will enable the third stage to start construction in 2017 and benefit during construction from synergies with the first two stages.

Hornsdale Stage 3 will re-set the benchmark for affordable renewable energy in Australia. After setting a new Australian record with Hornsdale Stage 2 at $77/MWh fixed for 20 years, Hornsdale Stage 3 takes advantage of large-scale project efficiencies to generate 100% renewable electricity at a fixed 20-year rate of $73/MWh, not including the Energy Storage Contribution scheme under the Next Generation Renewables Auction rules. This achievement contributes to the further development of a low carbon economy integrating renewable electricity that is competitive with many operating fossil fuel power stations.

As part of the auction process the Hornsdale Stage 3 proponents have committed to provide ACT local benefits and investment totalling an estimated $55m over the life of the Stage 3 assets. The commitments underlining this figure, together with the commitments of Stages 1 and 2 take the total ACT based local investments benefits package for all three stages of Hornsdale over the $90m mark.
The funds will be deployed to extend and expand Canberra’s renewable energy footprint, and include a $16.4m Energy Storage Contribution provided to the ACT Government to fund the continued roll out of home battery storage across the Territory.

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