Antinuclear

French ACT co-operation on renewable energy for Canberra and South Australia

French diplomacy delivers renewable energy to Canberra and $250m to South Australia, ABC, SA Country Hour By James Jooste, 26 Aug 15 A joint venture between French company Neoen and the Australian Capital Territory Government will inject $250 million into the South Australian economy and deliver clean energy to the capital.

Neoen bought the Hornsdale wind project outside Jamestown, in South Australia’s mid-north, from corporate bank Investec 18 months ago.

Wind power is the fastest growing renewable energy source for electricity generation in Australia and the project caught the eye of Neone who have just commissioned the largest solar energy plant in Europe.

The company also has solar and wind interests in New South Wales, Western Australia, Queensland and South Australia.

The market for wind energy is highly competitive, increased by a reduced cap on renewable energy targets, which will guarantee low electricity prices for households in the ACT.

The ACT Government is on target to deliver 90 per cent of the capital’s electricity from renewables by 2020.

Power from the Hornsdale project is bought exclusively by energy retailers in the ACT under a feed in tariff or 20-year contract with Neoen, to supply 100 megawatts of power to households.

ACT Deputy Chief Minister, Simon Corbell, said the ACT Government is one of the biggest investors in renewable energy in Australia. “We are supporting the development of wind farms in the broader national electricity market that are able to supply electricity to the ACT and we’re using Australia’s first and only large scale feed in tariff law to support the development of these wind farms by paying the wind farm developers a guaranteed price over a 20 year period.”

European Banks back Neoen

With a customer locked in for the next 20 years, European Banks have given Neoen the green light to begin construction immediately.

Thirty two wind turbines will be erected on the hills outside of Jamestown, across 15 different properties and the company will put in a bid in the second round of a reverse auction, held by the ACT Government, to secure funding to expand the Hornsdale project.

Managing Director of Neoen Australia, Franck Woitiez, said the development of a wind project in South Australia was not possible without support from the ACT Government.

The reliability of the ACT renewable target and long term contracts was enough to bring funding across from European banks.

“European Banks have been supporting us and they are investing in the project on a long term basis,” Mr Woitiez said.

Neoen has its sights set on renewables in Australia.

Another $500 million will be spent on turbines to generate an additional 170 megawatts of power for the national grid.

Above that Neoen has set a target to feed 700 megawatts of power by 2020, but will have to convince states to follow the lead of the ACT Government, to make room for more renewable energy in the grid……….http://www.abc.net.au/news/2015-08-27/wind-energy-france-canberra/6730206

August 29, 2015 - Posted by Christina Macpherson | ACT, energy