WATTS NEWS Week ending 11 June 2021

New Energy Solar (ASX:NEW) successful Australian asset sale and A$42.9 million for Manildra. The net asset Capital management initiatives value of these plants at 31 December 2020 was A$60.0 million and A$50.5 million to be implemented respectively2. Transaction costs include 7 June approximately A$3 million in adviser costs; a SUMMARY disposal fee payable to the Investment • NEW has entered into binding agreements Manager; and stamp duty will be deducted to sell its two Australian solar farms, Beryl and from the gross asset proceeds. The discount Manildra, to Banpu Energy Pty Ltd to net asset value for Manildra is primarily a (Banpu Energy) (Sale). reflection of the impact of curtailment caused • NEW expects to receive equity proceeds of by grid constraints that have recently A$105.4m before transaction costs from the emerged near the site in the central west of Sale. NSW. • The proportion of the Sale price attributed to the Beryl plant is above the net asset value Banpu Energy is a subsidiary of BANPU Public (NAV) as at 31 December 2020 while the Company Limited, a leading international proportion attributed to the Manildra plant is versatile energy provider based in Thailand, below NAV - reflecting the impact of with total assets of over A$12Bn and 1,073 transmission constraints that have recently MW of committed renewable energy projects. impacted that site. • Transaction close is expected to occur This Sale is one of the initiatives undertaken within two months, and NEW anticipates net by NEW to reduce the gap between its net Sale proceeds will be used to repay debt and asset value and its trading price following the buyback NEW securities. 2020 strategic review of the Business undertaken by RBC Capital Markets. NEW is Australian Asset Sales now well progressed on these initiatives given New Energy Solar1 advises that it has entered the sale of a 25% interest in NEW’s largest into a binding agreement to sell its two plant, Mount Signal 2, in California at the end Australian assets, Beryl (111MWDC) and of 2020, the granting of an option to US Solar Manildra (56MWDC) to Banpu Energy and plc to acquire a further 25% interest in Mount affiliates for a combined gross asset value of Signal 2, and the Sale announced today. A$288 million and gross equity proceeds, before transaction costs, of A$105.4 million. NEW’s financial adviser is RBC Capital Transaction completion is expected within Markets. two months, subject to customary consents and approvals including Foreign Investment Capital Management Review Board (FIRB) approval. Once this Sale is complete, the net proceeds will be used to repay group debt and reduce The expected equity proceeds, before gearing below the long-term target of 50%, transaction costs, are A$62.5 million for Beryl

Page 1 (Click on relevant project links to go to online Project Database) and to buy back NEW securities. The method, PROJECT UPDATE quantum, and term of the buyback will be Forest Wind Farm determined by NEW's boards of directors The anticipated construction start date [for prior to transaction close of the Sale. NEW the Forest Wind Farm] has shifted and we currently expects to allocate up to 50% of the now anticipate construction not to commence net equity proceeds to the buyback. for at least another 15 months.

Further details on these capital management We are preparing our Request for Information initiatives will be announced in the coming (RFI) report which will be submitted to the months. Federal Department of Environment, after

which the Department will advise on the Outlook for the US Market public notification period as required under Following completion of the Sale, all of NEW’s the EPBC Act. Once this public notice period is remaining assets will be in the United States, known, we will notify the community. a renewable energy market that is growing quickly. Installations of solar PV in 2020 The team has been investigating transport reached their highest levels ever and routes for delivery of major components such exceeded by 27% the previous record reached as blades, towers and nacelles to the Project in 2016, when the federal solar investment site. This has involved an extensive logistics tax credit (ITC) was extended. Solar PV study to assess road and port entries and the accounted for 43% of new US electricity- most efficient way to deliver the components generating capacity additions in 2020, to where they are needed with the least representing the largest share of new capacity impacts. Once the transport routes have been additions by technology type. Despite the further refined, we will share these plans and record number of installations in 2020, the consult with the local community. utility-scale PV market is expected to beat this record in 2021. The current forecast by energy Our wind engineers have been busy collecting consultants Wood Mackenzie expects there to wind and climate data from the Project site. be 17.5 GWDC of utility-scale capacity This extensive data is being used by the whole installations over the next year. team which includes our own wind engineers,

the turbine manufacturer team and an NEW expects that the environment for independent third party wind expert team, in renewable energy in the United States will an ongoing complex process of optimisation in continue to be supportive of investment in order to determine the precise locations of renewable energy projects. the wind turbines within Forest Wind’s

Development Permit conditions. 1 New Energy Solar Limited (Company) and

E&P Investments Limited as responsible entity We are planning to conduct another round of of New Energy Solar Fund (Trust), together community engagement and information New Energy Solar, the Business or NEW. sessions in local community halls when 2 Net asset value is the independently further information becomes available on the assessed equity value of the solar power transportation routes and Stage 1 site design. plants derived using the discounted cashflow Closer to the time, we will post notices of method which is then adjusted for working these events in upcoming newsletters and capital. through local community information sites.

Source: New Energy If you have any questions, please don’t

hesitate to get in touch via

[email protected]

Source: Forest Wind

Page 2 (Click on relevant project links to go to online Project Database)

ElectraNet confirms project customers as well as supporting the rapid pace of change across the NEM. EnergyConnect will be built 7 June “At all times, ElectraNet has remained focused ElectraNet has today confirmed Project on ensuring we deliver this project at the EnergyConnect, the high-voltage electricity lowest possible cost to all energy customers, transmission interconnector between South while also providing the greatest benefits.” Australia and New South , will be built. ElectraNet has undertaken comprehensive ElectraNet Chief Executive Steve Masters stakeholder engagement over the past five confirmed the company will invest $457.4 years and incorporated that feedback into the million to deliver the South Australian section development of the project. of the interconnector from Robertstown to the border. “Project EnergyConnect is a transformational infrastructure project of national significance South Australian households can expect to that will deliver the longest transmission line receive an average saving of around $100 a between Australian states,” Mr Masters said. year on their electricity bills after the interconnector is energised with even higher “This is a fantastic outcome for South savings for small businesses. Australia and New South Wales, for the whole NEM and for the transition towards greater There will also be substantial economic reliance on renewable energy generation. benefits from the project’s $2.28 billion investment in critical infrastructure to the “Australia’s national energy network is National Electricity Market (NEM). This moving rapidly toward a greater mix of includes 200 new jobs in cleaner energy sources. There will be no during the construction phase of the project. energy transition without transmission.”

“Over the past five years ElectraNet has Mr Masters thanked TransGrid, project demonstrated through a rigorous assessment delivery partner for the New South Wales process that Project EnergyConnect is good section, and the South Australian Government for South Australian and New South Wales for its ongoing support and continued customers, and we now look forward to championing of Project EnergyConnect: “The getting on and building it, so those benefits South Australian Government provided can be realised,” Mr Masters said. support to allow early progress to occur on project planning, working towards “Project EnergyConnect is landmark project environmental approvals and to start that will drive competition in the wholesale procurement processes. electricity market by connecting more, low- cost generation to the national electricity grid In South Australia, Project EnergyConnect’s and support the ongoing transition to a lower Environmental Impact Statement (EIS) is carbon emissions future. currently open for public comment and undergoing assessment by the South “As the proponent of this project, ElectraNet Australian Government’s Planning and Land has left no stone unturned to ensure that this Use Services. Subject to receiving all project is a good investment for electricity necessary environmental approvals, customers in South Australia and New South construction is anticipated to start later this Wales. year with commissioning under way in 2023.

“We undertook a rigorous cost benefit Source: ElectraNet analysis that has been repeatedly updated to demonstrate this remains the best option for

Page 3 (Click on relevant project links to go to online Project Database)

Australis Energy’s Victorian Other assessment and approvals required for the Project include planning approval under the offshore windfarm project has Victorian Planning and Environment Act 1987, submitted referrals to the heritage approvals under the Heritage Act 2017 and Aboriginal Heritage Act 2006 and consent Victorian State and under the Marine and Coastal Act 2018. Commonwealth governments 7 June Commenting on the news, Mark Petterson, Australis Energy Ltd (“Australis”) is pleased to Chairman of Australis said: announce that its wholly owned Australian “We are delighted to have reached this subsidiary, VIC Offshore Windfarm Pty Ltd milestone in the project. We look forward to (the “Company”), has submitted referrals to working with DELWP and other government the Victorian State and Commonwealth departments as we progress the project governments under their respective through the environmental approvals process. environmental legislation, for its VIC Offshore Subject to the necessary consents and permits Windfarm Project (“Project”). being obtained, the project will have a renewable capacity of The Project is currently in the pre-planning up to 495 MW, enough to power over 330,000 application stage. If approved, early Victorian homes. The electricity generated by construction work could begin in the the proposed offshore windfarm will support Australian summer 2024/25 and the project the Victorian Government’s target of 50% could be completed and operational in renewables by 2030.” summer 2026/27. The Company has submitted a referral to the Victorian 1 Department of Environment, Land, Water and https://www.planning.vic.gov.au/environmen Planning (“DELWP”) under the Environmental t-assessment/referrals-and-decisions Effects Act 1978 (“EE Act”)1. In addition, the 2 Company has also submitted a referral under http://epbcnotices.environment.gov.au/publi the Environmental Protection and Biodiversity cnoticesreferrals/ Conservation Act 1999 (“EPBC Act”) to the Commonwealth Department of Agriculture, Source: Australis Energy Water and the Environment2.

Assuming an assessment will be required under the EPBC Act, the next key milestone AGL and RayGen join forces to for the Project will be a bi-lateral agreement between the State and Federal authorities develop one of Australia’s with respect to the Environmental largest renewable energy Assessment for the Project and the issue of combined Scoping Requirements. storage solutions 8 June Once the combined Scoping Requirements for AGL, together with Australian energy the Project have been agreed, the technology group, RayGen has begun Environmental Impact Assessment (“EIA”) construction of a $27 million concentrated process can begin, involving surveys and solar and thermal storage project set to be wider stakeholder engagement. There will be one of Australia’s largest, most innovative and a number of opportunities for the public to lowest-cost renewable energy storage projects, provide feedback on the assessment of the with the first stage to be located at Carwarp in Project during the EIA phase. and the second stage planned for the site in NSW.

Page 4 (Click on relevant project links to go to online Project Database)

AGL Interim Managing Director and CEO, RayGen has also received support from Graeme Hunt said AGL is excited to be ARENA for the Carwarp site. working on this innovative project which uses a combination of solar and hydro technology RayGen’s Chief Executive Officer, Richard Payne and which will help to deliver the next said two years ago, AGL agreed to provide a vital generation of energy supply. ‘voice of customer’ into the design process for RayGen’s new storage product. “AGL is committed to leading the business of transition and developing the future of “AGL provided valuable insights that renewable energy storage at scale, ensuring enhanced our technology offering, and AGL is Australian households and businesses have now supporting deployment with an offtake affordable, sustainable and reliable and investment,” Mr Payne said. electricity,” Mr Hunt said. “This innovative collaboration between a “RayGen’s technology has the potential to ‘home-grown’ Australian technology start-up provide the same capabilities as other long and Australia’s premier energy company will duration storage technologies at lower cost help pave the way to a lowest cost, secure and with fewer geographical constraints. and decarbonised grid.”

“The system is powered by a field of smart, Both companies have worked on the design of rotational mirrors whose concentrated solar the $27 million concentrated solar and energy is combined with the energy stored thermal storage site since 2019. across two water reservoirs to create a ‘hot and cold’ solar hydro solution. AGL has committed $5 million to help fund the construction at Carwarp as well as agreed “The Carwarp plant will be able to deliver four to offtake the entirety of the plant’s megawatts (MW) of solar generation and 50 production. megawatt hours (MWh) of storage to produce electricity on demand - improving grid A pre-feasibility study for the Liddell site is stability, as well as supplying reliable, now underway. synchronous power. Source: AGL “We believe the technology can be just as successful in the Hunter region and a key feature of our plans to transition the Liddell PROJECT NEWS site into an Energy Hub, alongside grid-scale batteries and a waste to energy facility. Playford Battery “Building on more than 180 years of history, SIMEC Energy Australia notified the Essential AGL has a proud heritage of investment and Services Commission of South Australia that it innovation and we believe Liddell could have has withdrawn an application for an electricity an essential role in the energy transition. generation licence for Cultana Solar Project Company Pty Ltd to operate a 280 MW solar “As we transition to a cleaner energy future and generating plant located at Whyalla. meet our Climate Statement commitments, we Additionally, SIMEC has withdrawn an are looking to make reliable long duration application for an electricity generation storage combined with solar generation a reality licence to operate a 135 MW Lithium–ion by overcoming traditional barriers for variable, battery located at . Accordingly, renewable energy deployment.” the Commission has ceased its assessment of the applications.

Page 5 (Click on relevant project links to go to online Project Database)

NSW Pumped Hydro Ownership review of Meridian Recoverable Grants Program Energy Australia The NSW Pumped Hydro Recoverable Grants 8 June Program will provide $50 million in Meridian has today announced a review of its recoverable grants to developers to assist ownership of Australia (MEA) with the cost of early stage, detailed project and as part of this will consider all options feasibility studies for new pumped hydro including partial or full divestment of MEA. projects. Meridian has engaged Lazard to assist with the process. The Program is a key deliverable under the NSW Electricity Infrastructure Roadmap which MEA is a vertically integrated electricity was released in November 2020. The Program business owning 294MW of renewable will stimulate competition for long duration generation capacity, 150MW of renewable storage Long Term Energy Service Agreements development opportunities and with a retail (LTESAs) by ensuring multiple feasible business branded Australia, pumped hydro projects participate. More delivering electricity to 140,000 customers information on the Roadmap can be found on and gas to 40,000 customers. energy.nsw.gov.au/electricity-infrastructure- roadmap. The ownership review is expected to take a number of months and no decision will be We have now launched the Program website made on the future direction or options for at energy.nsw.gov.au/pumped-hydro- MEA until the completion of that process. recoverable-grants-program. This includes Program Guidelines and Frequently Asked Source: Meridian Energy Questions (FAQs).

The Guidelines set out the eligibility and merit criteria and key information about how to VRET2 apply. Applicants should read these together The Victorian Government will hold a second with the FAQs before applications open in Victorian Renewable Energy Target auction early quarter 3, 2021. (VRET2) to drive new investment and create

thousands of jobs in Victoria and to help We will notify you when applications open but achieve its commitment of sourcing 100% you can also check the Program website for renewable electricity for Victorian further updates. Government operations by 2025.

If you have any questions please contact us at VRET2 target at least 600 megawatts (MW) of [email protected]. Otherwise, new renewable energy capacity in Victoria. we look forward to your participation in this The design of VRET2 has been informed by Program. key findings from the VRET2 market sounding

process that took place over September to Source: NSW Government October 2020.

The energy generated by the VRET2- supported projects will match the Victorian Government’s electricity consumption for Victorian hospitals and schools, ’s entire train network and a range of other government infrastructure and services.

Page 6 (Click on relevant project links to go to online Project Database)

VRET2 will contribute to the government’s could generate $4.2 billion in hydrogen commitment to source 100% renewable exports and $10 billion for the Queensland electricity for its own operations by 2025, economy. which will drive a deep reduction in the government’s current greenhouse gas Mr Miles said the announcement follows the emissions footprint. launch of the Palaszczuk Government’s $1.84 billion Queensland Jobs Fund, encouraging VRET2 will also contribute to the achievement investment in Queensland and focusing on of Victoria’s legislated renewable energy job-creating industries like renewable energy, targets of 40% by 2025 and 50% by 2030, and hydrogen and manufacturing. support the state’s economic recovery from the coronavirus (COVID-19) pandemic. “The Stanwell-Iwatani project will be a key The auction tender documentation will be driver in Central Queensland’s hydrogen released around Q3 this year. Further supply chain and the significant information about the tender will be provided manufacturing and investment potential it will when it is available. If you would like to unlock,” he said. receive updates on VRET2, please register at the bottom of this page. “Stanwell has now signed an option agreement with Economic Development Register your interest in VRET2 Queensland locking in land for the facility, If your business would like to be notified which is an exciting step towards the when more information becomes available proposed project becoming a reality. about VRET2, please register your details below. “The 236-hectare site at Aldoga was identified as the preferred location due to its size and Contact us proximity to port, power and pipeline If you are unable to complete the registration infrastructure. form, please send your details via email email to [email protected]. “Encouraging investment in job-creating industries like hydrogen is part of Source: Victoria Government Queensland’s economic recovery plan.”

Energy, Renewables and Hydrogen Minister Mick de Brenni said once built, the project Site secured for Central would be the largest hydrogen production facility in Queensland. Queensland hydrogen project 8 June “The development of a large-scale, renewable A three-gigawatt renewable hydrogen facility hydrogen supply chain in Central Queensland in Central Queensland is one step closer with will support the growth of renewables, create land secured for large-scale production in jobs and provide access to global export Aldoga, west of Gladstone. opportunities,” he said.

Publicly-owned generator Stanwell is “We know countries like Japan are looking to partnering with Japanese industrial the Sunshine State to meet their emissions heavyweight Iwatani Corporation to develop targets, and in the next decade, Queensland the export-scale facility, creating more than must be ready to capitalise. 5,000 jobs for regional Queenslanders. “That’s exactly what the Stanwell-Iwatani Deputy Premier and Minister for State project will do, scaling up to over 3,000 Development Steven Miles said the project megawatts of electrolysis capacity by the

Page 7 (Click on relevant project links to go to online Project Database) early 2030s, with millions of tonnes of NEW PROJECT renewable hydrogen to be exported around Borumba hydro to deliver the world. reliable supply and 2000 jobs “Locally, it will also benefit construction, 8 June utilities, heavy manufacturing and a range of Around 2000 regional construction jobs are local service industries.” one step closer with the Palaszczuk Government announcing $22 million for Minister for Regional Development and detailed design and cost analysis for pumped Manufacturing and Member for Gladstone hydro at Borumba Dam. Glenn Butcher said the site is close to the Palaszczuk Government’s proposed Central Premier Annastacia Palaszczuk said the Queensland Renewable Energy Zone, which project had the potential to be the state’s will provide access to renewable energy largest pumped hydro station, powering an sources required to power the plant. estimated 1.5 million homes.

“For the people of Central Queensland, this “More pumped hydro means more long-term, announcement means jobs now in reliable energy and jobs for Queenslanders,” exploration, jobs during construction, jobs the Premier said. during export operations and jobs right through the manufacturing supply chain,” “My government has been exploring potential Minister Butcher said. sites for pumped hydro since 2017.

“We’ll continue to invest in local skills and “We’re prioritising Borumba because of its training opportunities, so our community is existing dam infrastructure, land access and ready to take on these jobs of the future, location within the Southern Queensland while the hydrogen supply chain is being Renewable Energy Zone. established. “Supporting investment in renewables is part “That investment includes $2 million to of Queensland’s plan for economic recovery upgrade training facilities at Gladstone State from the global coronavirus pandemic. High School to prepare students for hydrogen jobs.” “It will deliver clean energy and support thousands of jobs into the future.” Acting Stanwell CEO Adam Aspinall said Stanwell had been investigating hydrogen Treasurer Cameron Dick said the business opportunities since 2018. case would include detailed engineering and design, hydrological modelling, geological “We recently completed a joint planning testing, an assessment of environmental study for the project with Iwatani and we are impacts and community consultation. now building a broader consortium of Japanese and Australian companies to “We’re investing $22 million to potentially progress the project to the next stage in the unlock a multi-billion-dollar construction second half of 2021,” he said. project that would leverage billions more in clean energy investment and support “As a business, we are progressing a range of thousands of jobs,” the Treasurer said. future energy solutions to ensure we are in the best position possible to respond to “This is an investment in jobs and renewable changing market conditions. power that can be used at any time of the day to feed Queensland consumers and Source: Queensland Government Queensland industry.”

Page 8 (Click on relevant project links to go to online Project Database)

Minister for Energy, Renewables and Powerlink will undertake initial works in the Hydrogen Mick de Brenni said at one coming months by engaging with a range of gigawatt, Borumba would have double the stakeholders, including Seqwater, the generation and triple the storage of Department of Environment and Science, local Wivenhoe. government, local community, environmental groups and Traditional Owners. “The benefits of having pumped hydro as part of our diversified energy mix was proven last Conservation of national parks and protected month when Callide Power Station went areas will be prioritised and Powerlink will be offline,” the Minister said. actively working with First Nations and Conservation groups to explore all options “We were able to ramp up the Wivenhoe and ensure appropriate environmental offsets Hydroelectric Station to provide critical are identified. generation support and stabilise the network. Source: Queensland Government “Pumped hydro storage is flexible, reliable, and complements renewable energy generation such as solar and wind. NEW PROJECT Glanmire Solar Farm “That’s why Queensland needs more of it as Location: Glanmire, approximately 11km east we progress to 50 per cent renewables by of Bathurst in NSW 2030. Capacity: 60 MW AC

Developer: Elgin Energy “Borumba Dam is already a hub of activity Status: Scoping report submitted to NSW with water skiing, camping, BBQs and picnics Government on the lake front and this possible expansion Description: The proposed Glanmire Solar will see that grow.” Farm would have a capacity of approximately

60 MWAC, comprising ground mounted solar Mr de Brenni said if Borumba moves ahead, photovoltaic (PV) modules and a centralised the Commonwealth should contribute to the battery energy storage system (BESS) with a capital cost. power rating up to approximately 60 MW

hours. Connection to the grid is proposed at “We’re talking about nation building ’s Raglan Zone substation. infrastructure,” he said. Contact: Tim Averill

General Manager – Australia “Every other State has had energy projects Elgin Energy built by the Commonwealth – Queenslanders Email: [email protected] deserve their share.”

Publicly-owned electricity transmission company Powerlink has been tasked with Photon Energy Group undertaking the business case, given its participates in AUD 42 million understanding of the electricity market and experience delivering very large RayGen series C capital raise infrastructure. 8 June - The funding round includes AUD 27 million The business case is expected to take up to 24 (EUR 17,2 million) of private funding by months, with a submission expected to investors such as AGL, Schlumberger New Government by mid-to-end-2023. Energy and Chevron Technology Ventures, and AUD 15 million (EUR 9.5 million) from the

Page 9 (Click on relevant project links to go to online Project Database)

Australian Renewable Energy Agency manufacturing line (expanding existing (ARENA). capacity from 25MW to 125MW p.a.), as well - Photon Energy Group made a follow-on as enable project development of a pipeline equity investment of AUD 3 million (EUR 1.9 of 1GWh+ projects to financial close. million), maintaining a 9% stake in RayGen. - The Company entered a strategic For its solar-plus-storage projects, RayGen partnership with and announced its initial integrates its patented PV Ultra technology, a investment in RayGen in April 2020, joining concentrating photovoltaic solar co- other investors in the company. generation tower, with its patented electro- thermal storage, comprising water-based pit Photon Energy N.V. (WSE&PSE: PEN, FSX: thermal energy storage, organic Rankine cycle A1T9KW) (‘Photon Energy Group’ or the turbines and industrial chillers. The PV Ultra ‘Company’), an Amsterdam-based renewable technology has six years of successful energy company delivering clean energy and operation at RayGen’s facility in Newbridge, water solutions around the world, today Victoria. announced that it has participated in a AUD 42 million (EUR 26.7 million) capital raise in “We are delighted to participate in another the Melbourne-based deep-technology investment round with RayGen tackling the originator and developer of innovative solar- problem of intermittency of renewable plus-storage projects RayGen Resources Pty energy, with this ground breaking long Ltd (‘RayGen’). duration solar energy storage technology”, said Michael Gartner, Managing Director of The round comprises AUD 27 million (EUR Photon Energy Australia and CTO of Photon 17.2 million) of strategic investments by AGL, Energy Group. Schlumberger New Energy and Chevron Technology Ventures, alongside other new “We are excited to participate in this round and existing investors, including Photon alongside investors such as AGL Energy, Energy Group. This private funding has been Schlumberger New Energy and Chevron matched with AUD 15 million (EUR 9.5 Technology Ventures as it validates our initial million) of non-dilutive, recoupable grant investment and we are convinced that the funding by ARENA. The Company entered a financing secured will help RayGen deliver strategic partnership with and announced its their exciting projects”. initial investment in RayGen in April 2020, joining other investors in the hi-tech ‘We are thrilled to receive a follow-on company. investment from Photon Energy who share our vision to accelerate the transition to Acting as a project developer and EPC renewable energy with RayGen’s highly contractor and – where suitable – as an equity innovative solar plus storage technology’, said investor in joint projects, Photon Energy made Richard Payne, CEO of RayGen. ‘The strategic a follow-on equity investment of AUD 3 partnership with the Photon Energy team is million (EUR 1.9 million) maintaining about 9% critical in driving the deployment of our in the technology company. product into a rapidly growing world-wide market’. RayGen intends to deploy proceeds from the funding to build, commission and operate the Source: Photon Energy 50 MWh RayGen Power Plant Carwarp (RPPC). AGL has provided an offtake for this project and is collaborating on a feasibility study for the RayGen technology at AGL’s Liddell facility. The funds will also be used to design and build a new 100MW p.a. module

Page 10 (Click on relevant project links to go to online Project Database)

Achievable blueprint for “It is smarter and cheaper to act now, and that’s why we’ve spent the last three and a addressing climate change half year laying the foundations for a released prosperous, low-emissions economy. 9 June - Report says Government making good “But we can see from the Commission’s progress on emissions reduction, but more advice there is more to do. action required - Meeting climate targets achievable and “We need to ensure the way we get around, affordable with existing technology how we grow our food, and where we get - Economic cost of delaying action higher than energy from to keep our homes, schools, and taking action now hospitals warm is consistent with our climate - Benefits from climate action include health targets. improvements and lower energy bills - All Ministers to help meet climate targets “How we’ll do this will be set out in an through Emissions Reduction Plan Emissions Reduction Plan that will be published before the end of the year.” The Climate Change Commission’s blueprint for addressing climate change has confirmed Climate Change Minister, James Shaw said the the Government has made good progress to release of the advice marks a significant reduce emissions, but a step up is now moment in the work this Government is doing required. to build a low emissions future for Aotearoa . The Commission’s final advice sets out the total amount of emissions New Zealand must “We have done more to fight the climate cut over the next 15 years. It also provides crisis in the last three and a half years than three different pathways the Government the combined efforts of governments over the could follow to keep within the proposed last three and a half decades, including emission budgets. becoming one of the first countries in the world to put the 1.5 degrees global warming “The Commission’s final advice shows that threshold into law. this Government is taking action to reduce emissions in all the right areas,” Jacinda “However we are yet to see a sustained Ardern said. decline in the pollution we put into the atmosphere. And even when we do, we need “The transition to a low emissions future for to ensure that decline continues and, in fact, Aotearoa New Zealand will create jobs and picks up pace, every year until we hit net- new opportunities for Kiwi businesses, help zero. The Commission’s advice makes clear reduce household energy bills, and secure our that this is possible, but only if we act now. recovery from COVID-19. There will also be benefits to health because of warmer, drier “They have set out a pathway that would homes, more walking and cycling, and less air need every part of the Government to come pollution. to the table and commit to further action to bring down emissions in their sector. If we can “The Commission makes clear for the first do that, then we can reverse the current time that delaying action will only make the trend and finally bring emissions down in line effort harder and more expensive for the with what science requires. There will be work economy in the long run; it predicts that not for everyone to do, so from now on nearly taking action now will cost us 2.3 percent of every Minister will, in some ways, be a GDP by 2050, almost double the cost to our Climate Change Minister. economy of acting now.

Page 11 (Click on relevant project links to go to online Project Database)

“I would like to take this opportunity to thank “This $2 billion Queensland Renewable Energy the Commission for their hard work, analytical and Hydrogen Jobs Fund is all about more honesty and rigour. What they have achieved jobs and more industries. will have a lasting impact on the type of planet our children inherit from us,” James “It will also support the further development Shaw said. of Queensland’s resources sector while at the same time helping to deliver on our 50 per The Commission received more than 15,000 cent renewable energy target by 2030.” submissions in response to its draft advice. Bringing the entire Queensland Jobs Fund, “I would like to thank everyone who took the announced on Sunday, to a new total of $3.34 time to share their views with the billion, this investment will make sure Commission.” Jacinda Ardern said. Queensland capitalises on economic development opportunities for more jobs and The Commission’s final advice sets out a more industries through cheaper, cleaner pathway for reducing emissions across a energy. range of sectors, all of which the Government is making progress on. This $2 billion blue-collar jobs investment will support a transformational cycle of Source: NZ Government Queensland investment by: - Providing cheaper, cleaner energy: investment in local manufacturing of renewables and hydrogen delivers lower cost $2 billion investment to power energy and frees up gas as an industrial input for manufacturing. more jobs and more industries - Powering more jobs and more industries: through cheaper, cleaner developing projects in our hydrogen and renewable industries means cheaper energy energy powering more Queensland manufacturing. 10 June - Supercharging our resources sector: an The Palaszczuk Government will invest $2 increased demand for cleaner energy will billion into renewable energy and hydrogen drive the expansion of our resources sector, jobs as part of our COVID-19 Economic including the North-West Minerals Province, Recovery Plan. providing the cobalt, copper, scandium, nickel, vanadium, bauxite and alumina needed The $2 billion investment will provide for batteries, electric vehicles and solar cheaper, cleaner energy to power more jobs panels. and more industries in Queensland. Deputy Premier Steven Miles said the Premier Annastacia Palaszczuk said the Palaszczuk Government’s Queensland Jobs announcement of the $2 billion ‘Queensland Fund was encouraging investment in Renewable Energy and Hydrogen Jobs Fund’ Queensland and focusing on job-creating was a watershed moment in the economic industries like renewable energy, hydrogen, development of Queensland. and manufacturing.

“Queensland is positioned better than “The Queensland Jobs Fund, which now anywhere in Australia to capitalise on the jobs includes $2 billion for renewable energy and and industries that will flow from this hydrogen jobs, is the government’s next step cheaper, cleaner energy,” the Premier said. toward Queensland’s continued economic recovery,” Mr Miles said.

Page 12 (Click on relevant project links to go to online Project Database)

“It’s not just about helping businesses get “This Fund will create a pipeline of demand back on track, it’s about making sure we for local manufacturing across the entire leverage the opportunities that we’ve created value chain, and that means more jobs for in Queensland off the back of our world-class Queenslanders.” pandemic response and recovery. Minister for the Environment and Great “Companies from around the world are Barrier Reef Meaghan Scanlon said the looking to Queensland to expand and we Palaszczuk Government was working hard to want to help them. support renewable energy, drive down emissions and create jobs. “Encouraging investment in job-creating industries like renewable energy and “Under the Palaszczuk Government we’ve hydrogen is part of Queensland’s economic seen more than 40 large-scale renewable recovery plan.” projects built in this state and this $2 billion investment will supercharge even more Treasurer and Minister for Investment renewable projects and jobs, and help us Cameron Dick said the certainty provided by reach our targets,” Ms Scanlon said. access to affordable, reliable energy would underpin Queensland’s economic recovery The Palaszczuk Government has a strong from COVID 19. record, including: - Supporting investment in over 5,100 “Queensland has long been the backbone of megawatts of renewable generation with over Australia’s national Electricity Market through forty wind and solar farms built and 7,000 our combination of the nation’s youngest and construction jobs supported through our 50% most efficient fleet of coal-fired generators, renewable energy target our willingness to open up more gas reserves - Taking renewable generation from 7 per for industry and our increasing strength in cent to more than 20 per cent renewables,” the Treasurer said. - Delivering a Queensland Hydrogen Industry Strategy ahead of the National Hydrogen “This investment will ensure we have the Roadmap and committing more than $60 energy supply necessary to be home to more million to support hydrogen projects and heavy industry and more manufacturing, with training facilities the secure, skilled long-term jobs they - Committing $145 million to develop create.” renewable energy zones connecting up the 157-megawatt Kaban wind farm Minister for Energy, Renewables and - Providing $147 million to build the Hydrogen Mick de Brenni said the Fund would transmission line to support the Genex drive local manufacturing jobs in the Kidston 250 megawatt pumped hydro project renewables supply chain. to financial close - Installing solar panels at more than 800 state “By 2050, the world will be looking for more schools to generate over 60 megawatts of than 500 million tonnes of hydrogen every solar power year, and we want to make sure - Delivering Australia’s first electric vehicle Queenslanders get decent, secure jobs superhighway; and supplying it,” Mr de Brenni said. - Entering into an implementation agreement with CopperString 2.0 on a proposal to “There is no reason why solar panels, connect the North West Minerals Province electrolysers, batteries, wind farm with the National Electricity Market. components and new technology can’t be manufactured right here in Queensland. The $3.34 billion Queensland Jobs Fund includes the $2 billion Queensland Renewable

Page 13 (Click on relevant project links to go to online Project Database)

Energy and Hydrogen Jobs Fund, increasing Sojitz Begins construction on the existing $500 million Queensland Renewable Energy Fund by $1.5 billion. one of the largest-scale solar farms by Japanese companies The Queensland Jobs Fund also includes the $350 million Industry Partnership Program in Australia and programs that support investment in 10 June manufacturing, catalytic infrastructure, Sojitz Corporation (“Sojitz”) together with resource recovery and investment attraction. ENEOS Corporation (“ENEOS”) has announced the start of construction on a 204MW solar Find out more at www.qld.gov.au/qldjobsfund farm in Australia, which will be one of the largest solar projects to be undertaken by a Source: Queensland Government Japanese company in the country.

This project marks Sojitz and ENEOS’ first solar PROJECT NEWS project in Australia. Sojitz and ENEOS acquired 100% stake in the project company Edenvale Glenrowan West Solar Farm Solar Park Pty Ltd. from DPI Solar 3 Pte Ltd. Big Final in Australia: Despite the challenging (Head Office: Singapore; “DPI”) via Sapphire circumstances caused by the corona Energy Pty Ltd. (Location: Australia), a joint pandemic, the 149 MWp photovoltaic plant in venture holding company equally owned by Glenrowan, Australia, has been successfully Sojitz and ENEOS. completed and commissioned in time. After 16 months of construction, Glenrowan West In terms of the project’s structure, Sojitz and Solar Farm has finally passed the Hold Point ENEOS executed a 16-year project finance Testing and since May has been able to feed agreement with Natixis (Head Office: Paris, into the grid all of the produced energy. France, acting as a sole mandated lead arranger and sole underwriter), as well as an Around 375,000 monocrystalline modules and engineering, procurement, and construction 48 central inverters have been installed on an (EPC) contract with Gransolar Construction area of 342 hectares. From now on, Australia Pty Ltd., the Australian subsidiary of Glenrowan West Solar Farm will generate major Spanish construction company Grupo around 270,000 MWh of environmentally Gransolar S.L. The plant is planning to be friendly electricity per year. This is enough to energized from second half of the 2022 fiscal supply approx. 65,000 four-person year. households with energy and to save around 110,000 tons of CO2 per year. Leveraging its experience with the development and operation of solar power Even if our scope during construction had to plants both in Japan and overseas starting be adjusted quite a bit due to the pandemic from 2009, Sojitz alongside DPI and ENEOS— and we could only accompany from a Sojitz’s partner on an offshore wind project in distance, we are very happy to have been a Taiwan—began development on this solar part of the project and want to thank all project back in 2019, which has culminated in involved parties for the great work! the recent acquisition of full ownership of Edenvale Solar Park Pty Ltd. and the We are convinced, Glenrowan West Solar conclusion of each project agreements. Of the Farm is equipped perfectly to provide clean renewable energy to be produced at the solar solar energy during the next decades and we farm, 70% will be sold to local electricity hope that all target values will be exceeded retailer to provide a stable supply of with ease. renewable energy, while part of the remaining 30% will be supplied to Gregory Crinum Coal Source: WiNRG Mine, which Sojitz owns and operates in the

Page 14 (Click on relevant project links to go to online Project Database) same state of Queensland. In doing so, Sojitz The project has been purchased by Sapphire aims to reduce its Scope 1 and Scope Energy Pty Ltd., owned 50%/50% by Japanese 2*¹carbon emissions based on the conglomerates ENEOS and Sojitz and it is decarbonization policies included in its long- expected to come online in the second half of term sustainability vision for 2050, the 2022. “Sustainability Challenge.” Edenvale Solar Park is a project developed As one of the world’s most resource-rich greenfield by DPI Group and one of Japan’s countries Australia remained dependent on biggest energy projects ever in Australia. It coal-fired power for many years, but the will help greatly reduce emissions from a country has recently begun to make the metallurgical coal mine in central Queensland. transition to renewable energy to reduce its environmental impact. Sojitz sees Australia as DPI believes that this new milestone will a high-growth market, considering its vast ultimately have a great impact in the lives of land area and the fact that country has 1.5 thousands of individuals in Australia and times the level of solar radiation compared to globally. Japan. In addition, there is a growing number of companies that are keen to procure a We continue to strive to make a better world stable supply of renewable energy through by increasing clean energy availability. corporate PPAs.*² Sojitz aims to not only develop the projects in Australia moving Source: DPI Group forward, but also to provide a stable supply of renewable energy to Australian companies and Japanese companies conducting business in Australia, in order to contribute to the Advisian seeking renewable realization of a decarbonized society. energy project EOIs on behalf *1: Scope 1: All CO2 generated directly by the of AngloGold Ashanti Australia company from burning coal and gas etc. Scope 2: CO2 generated by the company’s Ltd consumption of electricity AngloGold Ashanti Australia Ltd is seeking *2: Corporate PPA (Power Purchase expressions of interest for renewable energy Agreement): A long-term power purchase projects to provide electricity to the Sunrise agreement in which entities such as Dam and Tropicana Gold Mines in the north companies or governmental organizations east goldfields of WA. purchase electricity from an energy generator On behalf of AngloGold Ashanti Australia Ltd Source: Sojitz we are seeking EOIs for PPAs and associated infrastructure for up to 100GWh pa per site.

We are seeking responses from the wind, solar and storage sectors with an expected DPI hits milestone in Australia COD between January and March 2023. with 204 MW Solar Project 10 June All interested parties should contact Advisian DPI Group is glad to announce the successful to register their interest completion of the development and at [email protected] by no later subsequent sale of the 204 MW Megasolar than July 9th, 2021. Project “The Edenvale Solar Park” in the Western Downs region, 300 kilometres West of Brisbane, Australia.

Page 15 (Click on relevant project links to go to online Project Database)

Making good on our Telstra have a responsibility to be good climate citizens, to have a strategy and to set renewable energy goals an example for others. As one of the biggest 11 June energy users in the nation, it matters when Today we’re announcing a new, long-term we take action to both decarbonise our power purchase agreement with Global operations and clean up the grid for the Power Generation (GPG) Crookwell 3 wind future. farm near Goulburn NSW. Climate change is everybody’s business and Under the agreement, Telstra will guarantee there are no sidelines for any of us to sit on to pay a fixed price for the majority of all the when it comes to meaningful action. It affects energy produced over the term of the every business; every industry and every agreement. GPG will retain the remaining and person on this planet, and to do nothing risks sell it into the market themselves. everything.

All told, the new wind farm will pump 58- I am proud of the direct action we are megawatts of clean, green, decarbonised undertaking to decarbonise the grid in energy into the grid every year. That’s enough Australia and secure our renewable energy to power every home in Launceston, future. for a whole year! Source: Telstra When this wind farm starts production in mid- 2023, we will be more than halfway to our goal of 100 per cent renewables by 2025. PROJECT NEWS Crookwell 3 joins our stable of renewable energy investments, and when combined with Crookwell 3 Wind Farm and Emerald Solar Global Power Generation (GPG) submitted a Farm, will supply more than 150,000 homes’ referral for its proposed Crookwell 3 Wind worth of non-renewable electricity Farm, located ~17km south-east of Crookwell consumption each year. and 25 km north-west of Goulburn in NSW, to the federal government for assessment under By 2025, our plan means we will own or the EPBC Act. The project will be located contract renewable energy generation adjacent to the existing Crookwell 2 Wind equivalent to 100 per cent of the energy we Farm, within the Upper Lachlan Shire Local consume in all of our operations. That Government Area. The project comprises the includes running our network, buildings and development of a new wind farm and data centres. generally involves the construction, operation, maintenance and decommissioning It is this leadership that gets us recognised by of up to 16 wind turbine sites consisting of a Greenpeace Australia Pacific, which has three-blade rotor mounted onto a tower with identified Telstra as a frontrunner in the race the following specifications with a maximum for renewables in the Australian tech and tip height (blade plus tower) of 157m and a telco space. maximum rotor diameter of 130m. Grid connection would be achieved from a The Crookwell project is an important part of connection to the existing 33/330kV Telstra’s renewable journey and will help substation, connected to the 330kV electricity drive us toward reducing our absolute transmission line which runs through the emissions by at least 50 per cent by 2030. project site.

We cannot live in hope that this climate challenge will solve itself. Big businesses like

Page 16 (Click on relevant project links to go to online Project Database)