Naturgy, through its international electricity generation subsidiary GPG, and also Kuwait Investment Authority (through Wren House Infrastructure Management, its platform for direct investments in infrastructure) has inaugurated the Crookwell II wind farm 90 km from the Australian capital Canberra within the Australian Capital Territory (ACT) in New South Wales.
The facility has a power capacity of 91 MW, 28 wind turbines and it will be able to supply 42,000 homes in Canberra thanks to generating 300,000 megawatts/hour per year of renewable electricity.
The company has invested 177 million Australian Dollars (approximately 110 million euros) into constructing this park which was awarded in the third quarter of 2016. The generated energy is subject to a 20 year regulated tariff contract. The park is expected to contribute an EBITDA of approximately 12 million euros per year.
“This is a significant step in strengthening our international presence. Australia is a very attractive country for investing in renewable energy projects by combining attractive profitability for investors with social and environmental requirements. We are very happy to have implemented the Crookwell II wind farm, the first of the wind farms that we will be developing in Australia,” stated Francisco Reynés, Chairman of Naturgy.
Shane Ratenbury, minister of climate change and sustainability of the Australian Capital Territory (ATC) said “it is a fantastic initiative which helps us to reach our ambitious objective of 100% renewable electricity by contributing 10% of that objective. Crookwell II is already supplying renewable electricity to the national grid.”
The company is also developing other innovative projects in the region in areas such as zero-emission hydrogen technology.
Other projects in Australia
A few weeks ago, the Victorian Government awarded Naturgy (through GPG) a wind farm with a total power generation capacity of 180 MW, located about 150 km from Melbourne. The construction of the park, named Berrybank, will involve an investment of 259 million Australian dollars (approximately 166 million euros) and it expects to begin operating in the second half of 2020. It is expected that this wind farm will generate EBITDA of approximately 22 million euros per year once it is fully operational.
Naturgy has a portfolio of projects of more than 1,000 MW in the States of Victoria and New South Wales, of which around 500 MW are ready to be developed if awarded.
About Global Power Generation (GPG)
Global Power Generation (GPG) is the Naturgy Energy Group subsidiary dedicated to international power generation, with a 25% participation by Kuwait Investment Authority (KIA), the world’s oldest sovereign wealth fund. The KIA participation in GPG is managed through Wren House Infrastructure Management, its platform for direct investments in infrastructure. GPG manages an installed capacity of around 4,000 MW and has a workforce of approximately 800 professionals.
