- The international metals group will acquire a 30% stake in ACCIONA's largest wind farm
- ACCIONA will own the remaining 70% of the project, underpinned by a 400MW Power Purchase Agreement with CleanCo, Queensland's newest public electricity company
ACCIONA and international metals group Korea Zinc Co. have reached an agreement to jointly develop the MacIntyre Wind Farm in Queensland (923MW), one of the largest renewable energy projects in Australia, and the largest energy project in ACCIONA’s portfolio.
Under the agreement Ark Energy, a subsidiary of Korea Zinc Co., will take a 30% stake in MacIntyre Wind Farm, with ACCIONA retaining 70%. ACCIONA will remain responsible for managing the project through its development, construction, operations and maintenance stages.
ACCIONA has secured a long-term Power Purchase Agreement (PPA) with CleanCo, Queensland’s newest public electricity company, which will acquire the annual production from 400MW of ACCIONA's facilities for ten years. MacIntyre Wind Farm will also power Sun Metals Corporation, a Korea Zinc Co. subsidiary in Australia, helping the metals group meet its target of obtaining 100% of its energy from renewables by 2040.
José Manuel Entrecanales, ACCIONA Chairman and CEO, said: "Having Korean Zinc as a partner in this landmark project is a privilege and marks a milestone in MacIntyre's development. Our companies share a common goal to pioneer clean energy and this partnership is the perfect example of how two companies from different sectors can work together to deliver flagship renewables infrastructure”.
Yun B. Choi, Korea Zinc Co. CEO, said: “We are very pleased to have established a long-term relationship to carry out this exciting project, unique in its size, which represents a major step forward for our respective businesses. Our participation in the MacIntyre project reflects our commitment to renewable energy in Australia”.
In addition to the MacIntyre Wind Farm, ACCIONA will build the Karara Wind Farm (103MW), owned by CleanCo. The wind farms are adjacent to each other. Together, MacIntyre and Karara complex will generate clean electricity to supply nearly 700,000 homes and avoid the emission of around 3 million tonnes of CO2 each year.
STRONG INVESTMENT
The two projects will jointly mobilise investments of around AU$2 billion (€1.3 billion) and will be key to the State of Queensland’s goal of achieving a 50% share of renewable energy in its electricity consumption by 2030. Construction of the wind farm complex is scheduled to begin in the second half of this year.
The two projects will generate up to 400 jobs during throughout their useful lives and provide an important economic boost to the local community, with local investment exceeding AU$500 million (€325 million).
The wind farms will install 180 Nordex Delta 4000 turbines of 5,7MW, the latest generation of turbines by the German manufacturer.
Construction is slated to start in the second half of this year, with the lion’s share of investment in 2022 and 2023. The wind farm complex will start operating in stages to ensure connection to the grid with full technical guarantees for the state electricity system. The complex will be fully operational by 2024.