Genex Secures 775-MW Solar PPA in Queensland

• Genex Power and Stanwell Corporation strike a game-changing 15-year PPA for the Bulli Creek solar project, advancing Queensland's renewable energy future and sustainable growth.

Genex Power has secured a 15-year power purchase agreement (PPA) with Queensland utility Stanwell Corporation for the 775-MW Stage 1 of its Bulli Creek solar and battery project. Stanwell will procure up to 550 MW from the new project, part of Genex's larger 2-GW development in Queensland's Western Downs. A final investment decision is anticipated later this year, with power generation expected to begin in 2027.

In a related move, Stanwell's Asset Maintenance Company (SAMCo) has also contracted for five years of operations and maintenance services for Genex’s existing 50-MW Kidston solar park. A similar maintenance agreement for the Bulli Creek site is under consideration.

How will Genex's new PPA impact Queensland's renewable energy landscape?

- Strengthening Renewable Commitments: Genex’s new PPA with Stanwell Corporation underscores a commitment to expanding renewable energy capacity in Queensland, facilitating a shift towards greener energy sources and promoting sustainability in the region.

- Substantial Capacity Addition: The 775-MW Stage 1 of the Bulli Creek solar and battery project represents a significant boost to Queensland's renewable energy landscape, contributing to the state's ambitious renewable energy targets and increasing the overall energy supply from clean sources.

- Increased Energy Security: With Stanwell procuring up to 550 MW, the PPA helps enhance energy security for Queensland. By diversifying the energy mix, the agreement mitigates reliance on fossil fuels and provides a stable supply of electricity from renewable sources.

- Support for Energy Transition: This agreement exemplifies the ongoing transition within Queensland's energy sector from traditional fossil fuel-based generation to renewable energy. It reflects growing recognition of the need for sustainable energy systems in tackling climate change.

- Job Creation and Economic Development: The construction and operational phases of the Bulli Creek project are anticipated to create numerous job opportunities in the region, contributing to local economic growth and supporting the transition to a low-carbon economy.

- Battery Storage Integration: The inclusion of battery storage within the Bulli Creek project will play a crucial role in managing intermittency issues associated with solar energy, allowing for more reliable power supply and facilitating better grid stability.

- Renewables Supply Chain Development: Genex’s commitment to developing local projects could foster growth in the renewable energy supply chain within Queensland, encouraging local manufacturing, engineering, and service sectors that support renewable technologies.

- Research and Innovation Opportunities: As the project develops, there may be opportunities for research and innovation in renewable technologies, energy storage solutions, and grid management, promoting advancements in the field.

- Enhanced Corporate Responsibility: This PPA can inspire other corporations in Queensland to pursue similar agreements, contributing to a corporate culture increasingly aligned with environmental sustainability and social responsibility.

- Alignment with Government Goals: The development aligns with Queensland's government goals of achieving a 50% renewable energy target by 2030, bolstering state initiatives aimed at combating climate change and promoting renewable investments.

- Long-Term Stability for Energy Prices: The long-term nature of the PPA can provide price stability for both Stanwell and its customers, reducing exposure to the volatile fossil fuel markets and potentially lowering energy costs in the long run.

- Encouragement for Future Investments: Success in this project may pave the way for future investments in renewable energy projects, encouraging more stakeholders to engage in Queensland's renewable energy developments.

- Interconnected Grid Development: As more renewable projects like Bulli Creek come online, it may necessitate infrastructure improvements and updates to the existing energy grid, facilitating a more interconnected and resilient energy system for Queensland.