Australian utility Origin Energy Ltd has agreed to sell Stockyard Hill wind project to China’s Goldwind and to sign a and sign a long-term PPA from the commencement of operations in 2019 to 2030.
Origin has agreed to buy all of the power generated by the wind farm and the associated Renewable Energy Certificates (RECs) for a market leading PPA price of below AUD60/MWh (US$44.2/MWh).
Wind manufacturer Xinjiang Goldwind Science & Technology will buy the Stockyard Hill wind project for a total consideration of AUD110 million (US$81.6 million).
Stockyard Hill Wind Farm will be located about 35 km west of Ballarat, Victoria. The, project which is slated to be Australia's largest wind farm, will feature 149 turbines and will have a total of capacity of up to 530 MW. Grid connection is located beside the existing Moorabool to Portland 500KV transmission line near Lismore, approximately 30 km south of the project site.
Origin CEO, Frank Calabria said:
"Today's announcement is important as it indicates just how fast the transition is occurring in Australia’s energy market. Not only is renewable energy being rolled out rapidly, the costs have fallen at a very fast rate".
"Through our deal with Goldwind, Origin has been able to add a substantial amount of new renewable energy to our portfolio at a market leading PPA price, and as Stockyard Hill is in Victoria, this will help to cover a large portion of the load of the recently retired Hazelwood Power Station".