Snowy Hydro Limited, an Australia-based power producer and retailer, has signed a power purchase agreement with TagEnergy, an energy storage developer, for a 756 MW wind farm project located in Victoria. The agreement is the first PPA for the project of Golden Plains’ 1.3 GW wind farm. The project is intended to establish the Commonwealth’s largest wind turbine complex. Snowy Hydro Limited will purchase green generation certificates along with a project output of 40 per cent.
As per the statement, for the upcoming wind power output, TagEnergy is negotiating more power offtake agreements. The first-stage park, which is being developed 60 km northwest of Geelong and features 122 Vestas turbines with 6.2 MW each, is anticipated to be completely operational in the first quarter of 2025. Later, a 300 MW battery energy storage plant will also be added to the complex. Furthermore, TagEnergy, led by Impala SAS and joined by investors Omnes and Mirova, reached a financial close for its first stage project of US $1.3 billion in November 2022. However, the installation of the turbines began in July.
In July 2023, Impala, an investment company owned by Jacques Veyrat, teamed up with the Dutch investment company EXOR to expedite the growth of Portuguese renewable energy and energy storage developer TagEnergy. The two were to set up a joint holding company, TagHolding, which would become TagEnergy’s largest shareholder.
REGlobal’s Views: Snowy Hydro has been increasing its renewable energy procurement over the past months. The company also has deals with other wind power producers like CWP and has committed to buy more than 1.3 GW of renewables to supply power to its C&I consumers.
