The Toowoomba region is fast emerging as a true hotspot for renewable energy projects after the Queensland Investment Corporation has agreed to help fund the Punchs Creek Renewable Energy Project.
The State Government-backed QIC has agreed to partner with global renewable energy company EDP to push the project, located 60km south-west of Toowoomba, forward.
It is the third major renewable energy project to gain significant support in the Toowoomba region.
Last week Australian energy powerhouse AGL lodged an application with the Federal Government for environmental approval for a giant 500-megawatt, 2 gigawatt-hour Tuckeroo battery project, 140km north-west of Toowoomba..
And renewable energy and storage developer Genex Power is getting close to deciding the future of the planned 775 MW first stage of the Bulli Creek solar farm project, about 125km from Toowoomba.
The Queensland Government-owned Stanwell Corporation has already signed a 15-year deal to buy 550 MW of electricity from the first stage of the Bulli Creek solar farm project.
The latest announcement marks a significant step forward for the Punchs Creek Project, which is planned to be a 480 MegaWatt solar farm co-located with a 400 MW / 1,600 MWh battery energy storage system.
QIC Head of Global Infrastructure Ross Israel said projects like Punchs Creek needed strong partnerships to accelerate their developments.
“We have long recognised that collaboration between institutional investors, infrastructure managers and developers is central to realising opportunities across the energy value chain,’’ Mr Israel said.
“While EDPR has an operational footprint spanning four continents, Punchs Creek marks their first Australian project as part of a pipeline of solar and battery storage opportunities.
“QIC is pleased to support bringing their global development capabilities to Queensland and see significant merit in combining EDPR’s technical excellence with QIC’s deep local market knowledge.
“This pairing provides a strong platform to deliver new solar and battery storage at scale and speed, demonstrating both the attractiveness of Queensland as an investment destination and QIC as a trusted local partner.”
QIC Infrastructure Partner Patrick Mulholland, who leads QIC Infrastructure’s Australian energy sector strategy, said the Punchs Creek project complemented QIC’s existing portfolio of energy transition assets.
“We are excited to unite local and global expertise to accelerate Australia’s shift to clean energy and deliver long-term value for our investors,” Mr Mulholland said.
EDP Renewables Asia Pacific chief executive Miguel Fonseca said the partnership agreement built the company’s recent momentum in the Australian market.
“EDPR views Queensland and Australia as key markets with strong fundamentals for renewables and is focusing on scaling hybrid projects, with the aim of deploying material capacity by 2030 as part of a longer-term pipeline of about 4GW,” Mr Fonesca said.
“As a leading Australian infrastructure manager with more than a decade investing in the energy transition, QIC brings everything we look for in a local partner to unlock these projects and explore further opportunities.”