Genex Powers Australia's Largest Solar Park
- Genex Power Ltd and Fortescue Metals Group Ltd have partnered to provide Australia with its largest grid-connected solar park. With 25-year Power Purchase Agreement, 337.5 MW of the 450-775 MW capacity will be used to power Fortescue's planned green hydrogen and green ammonia facility. Bulli Creek solar project investment decision expected in 2024.
Genex Power Ltd has secured a 25-year Power Purchase Agreement with Fortescue Metals Group Ltd for the construction of a solar photovoltaic (PV) farm of 450 MW to 775 MW in Australia. This will be the nation’s largest grid-connected solar park. The power off-take deal is for 337.5 MW of the capacity and will see Fortescue Metals buy electricity and large-scale generation certificates from the project at a fixed price. This power will be used for Fortescue's planned green hydrogen and green ammonia facility on Gibson Island, Queensland. A final investment decision on the Bulli Creek solar project is expected in the second half of 2024, with first power targeted for 2026.
What Benefits Will Fortescue Metals Gain From Genex's Solar PV Farm?
- Fortescue Metals will gain a reliable source of electricity and large-scale certificates, at a fixed price, from the solar park for the next 25 years.
- The solar project is expected to generate more than 1,700 gigawatt-hours a year, enough to power more than 40,000 households.
- Fortescue Metals will be able to use the power and large-scale certificates to fuel its planned green hydrogen and green ammonia facility, which will help reduce the company's carbon emissions.
- The project is expected to create hundreds of jobs during construction and will contribute to the economy of the region.
- Fortescue Metals will also benefit from the renewable energy credits associated with the project.