23 August 2016
Origin supporting solar with new power purchase agreements
Origin Energy Limited (Origin) today announced the signing of a Power Purchase Agreement (PPA) with one of the world’s largest downstream solar companies, Conergy, to support an innovative new solar and storage project in far north Queensland.
The 10.8 MW Lakeland project comprises 41,400 solar panels and 5.3 MWh battery on 45 hectares of land on the Mulligan Highway near Lakeland in far north Queensland. Construction is expected to take approximately nine months.
“With our third large scale solar PPA in the past 12 months, Origin is working towards an aspiration to be Australia’s largest renewables company, emerging as one of Australia’s largest single investors in utility scale solar,” Origin Energy Markets CEO Frank Calabria said.
“This has included signing agreements for 156 megawatts of solar power in NSW and Queensland and progressing plans for a 106 MW solar farm adjacent to our Darling Downs power station in south east Queensland, Australia’s proposed largest solar development site.
Origin also last week announced an agreement with French solar developer Neoen to purchase all the Large-scale Generation Certificates (LGCs) from a 10.6 MW solar farm supplying the DeGrussa copper and gold mine in Western Australia.
“Power purchase agreements like the Lakeland contract support the renewables sector and give developers certainty to continue investing in new projects,” Mr Calabria said.
“We have the flexibility in our generation portfolio to significantly grow our interest in renewables, particularly as the cost of solar continues to fall.
The Lakeland project features a 5.3 MWh battery and is one of the first wave of Australian “edge-of-grid” projects.
“Edge of grid technology will play a growing role in our energy markets and we’re excited to be involved in a project that involves large scale battery storage and how we can smooth out intermittent sources of power like solar when they are affected by factors such as cloud cover,” Mr Calabria said.
The PPA runs until 2030.
About Origin Energy
Origin Energy (ASX: ORG) is the leading Australian integrated energy company with market leading positions in energy retailing (approximately 4.3 million customer accounts), power generation (approximately 6,000 MW of capacity owned and contracted) and natural gas production (1,093 PJ of 2P reserves and annual production of 82 PJe).
Through Australia Pacific LNG, its incorporated joint venture with ConocoPhillips and Sinopec, Origin is developing Australia’s biggest CSG to LNG project based on the country’s largest 2P CSG reserves base.
Price review outcome and update on FY2021 guidance
Origin Energy Limited (Origin) has provided the following update on earnings guidance for the year ended 30 June 2021 (FY2021), following an adverse outcome on a domestic gas contract price review, combined with a further deterioration in Energy Markets’ operating conditions.