Project Updates Week ending 26 March 2021

Commissioning of first Snowy 2.0 tunnel boring machine 19 March today celebrated a major milestone, with commissioning underway for “We’ve already got 1,000 people working on the first tunnel boring machine (TBM) for the Snowy 2,0, including locals from the Snowy Snowy 2.0 project. Mountains and surrounding areas.

The ‘Lady Eileen Hudson’ TBM will soon “Overall this project is delivering 4,000 direct commence tunnelling for ’s largest jobs and thousands more in the supply chain. renewable energy project, the 2,000 megawatt pumped-hydro expansion of the “There are huge economic multiplier effects mighty Snowy Scheme. from our Snowy 2.0 investment, with almost a billion dollars already spent in Australia and Named after an important Snowy Scheme more than $55m with 150 Snowy Mountains ambassador and the wife of inaugural Scheme businesses. Commissioner Sir William Hudson, the Lady Eileen Hudson TBM is set to excavate the “Snowy 2.0 is critical for the energy market 2.6km main access tunnel and provide access and consumers, and will provide on-demand to the site of the underground power station energy and large-scale storage to underpin cavern. Australia’s transition to renewables.”

Snowy Hydro CEO Paul Broad joined Energy The Lady Eileen Hudson TBM will excavate and Emissions Reduction Minister Angus two tunnels. Firstly the main access tunnel, Taylor and representatives from principal and then it will be relaunched underground to contractor Future Generation Joint Venture at excavate the tailrace tunnel to the Talbingo the Lobs Hole construction site to inspect the Reservoir intake – for a total of 7.9km. TBM. Snowy 2.0 project background: Snowy 2.0 will Mr Broad said Snowy 2.0 construction had link two existing Snowy Scheme reservoirs, been progressing at a rapid rate. Tantangara and Talbingo, with 27km of waterway tunnels and a power station with “The commissioning of the Lady Eileen six pump-turbines located about 800m Hudson TBM is an important milestone for the underground. Water in the top storage will be project and it’s great to see the cutterhead released for energy generation at times of rotate. Tunnelling operations will soon be peak demand and pumped back at times underway around-the-clock at Lobs Hole, when there is excess energy in the grid, so building about 40km of tunnels needed for Snowy 2.0 is ready to meet demand when the project,” Mr Broad said. needed.

Source: SnowyHydro

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Vast Solar and Stanwell deliver cheaper energy than alternate baseload generation options over the lifetime partner to power Mount Isa of the project, benefitting the local economy and the North West Minerals and major resources projects.

Province “We’re ensuring the project is developed in 22 March conjunction with local contractors and Vast Solar today announced it has signed a government wherever possible,” Craig joint development agreement (JDA) with continued. Stanwell Corporation. The JDA includes funding for a $10m feasibility study for Vast Richard Van Breda, CEO of Stanwell, Solar’s ground-breaking North West commented: “Stanwell is excited to see Queensland Hybrid Power Project (NWQHPP), another renewable energy project take a real a $600m dispatchable renewable energy step towards realisation. Projects such as project located in Mount Isa that will power these are integral to the development and the local economy and resources sector with diversification of our energy portfolio around low cost, reliable, clean energy. the state. Our involvement in the feasibility study reflects our ongoing commitment to the Vast Solar has had teams working on the people of Mount Isa and Queensland, and to ground with local contractors since July 2020, the environment. executing testing to ensure the viability of the project prior to this more detailed feasibility “This project illustrates our values by study. Initial findings are positive, with reports delivering a better Queensland through confirming ideal conditions for Vast Solar’s transitioning to a lower carbon future while world-leading concentrated solar thermal still contributing to the economy, creating power technology. jobs and delivering low-cost energy to homes and businesses.” The joint feasibility study is expected to be completed late this year, with approvals early Concentrated solar thermal technology is in 2022 followed by a two-year construction identified in the Federal Government’s phase. Importantly, electricity consumers will recently released Australian Technology start to benefit from low cost, reliable, clean Investment Roadmap as a critical part of the energy from 2023 due to a staggered country’s future dispatchable clean energy construction program that brings some mix. Vast Solar’s Australian-made technology elements of the hybrid into production earlier has been successfully deployed at its Pilot than the total plant. Project in regional NSW, which has been grid- connected since 2018. Craig Wood, CEO of Vast Solar said: “This is a major step forward for the project and the Vast Solar has been advised during the North West Minerals Province. Our development phase by Energy Estate, the partnership with Stanwell is underpinned by advisory and accelerator firm. the attractiveness of the project and we are pleased they can see the benefits it will bring Source: Vast Solar to their customers, the local economy and the wider energy market.

The development of the 50MW power plant in Mount Isa will bring hundreds of construction jobs to the area during the two- year build, and dozens of permanent skilled jobs over the 30-year operational life of the plant. The $600m upfront investment will

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NEW PROJECT The paper is available on our website at Narromine West Solar Farm energy.nsw.gov.au/renewable-energy- zones/central-west-orana-rez-access-scheme- Location: Narromine, NSW consultation/ Capacity: 5 MW

Developer: Providence Asset Group The scheme is a fundamental pillar of Status: Development application lodged with Roadmap delivery and will be the first of its council kind in the National Electricity Market. LGA: Narromine Shire Council

Description: The Narromine West Solar Farm It will allocate special rights for generators project proposal includes a no larger than 5 and storage projects to connect to the REZ MW grid-connected solar PV installation to be network. It will be a key part of the NSW connected to Essential Energy's network via a Government’s work to coordinate and 22 kV distribution line running adjacent to the encourage investment in Renewable Energy southern boundary of the site. The proposed Zones (REZ) and the NSW Electricity development aims to erect an estimated Infrastructure Roadmap. 12,348 solar PV panels with a nameplate rating of 540 W. Other electrical generation For connecting projects, this will increase infrastructure is proposed on the site long-term access certainty, reduce including a skid mounted MV Power Station congestion, optimise network infrastructure, consisting of inverters, transformer, and and reduce the costs of project capital. switchgear. The PV arrangement will consist of approximately 147 ground mounted single It will also maximise benefits to consumers, axis trackers. The entire site area extends to support appropriate planning outcomes for approximately 90.5 hectares and is primarily local communities and support local jobs and flat agricultural lands currently predominantly development outcomes. used for the cultivation of crops. The proposed development area is generally flat, Submissions will be accepted over six weeks rectangular in shape and comprises until 5pm Friday 30 April. We will also host a approximately 15 hectares. public webinar in mid-April. To stay across Contact: Henry Sun further updates and opportunities to input to Chief Executive Officer REZ delivery, including the forthcoming Tel: (02) 9264 9889 webinar, please request to join our mailing list Email: [email protected] by writing to [email protected].

You can find out more about other upcoming Central-West Orana consultation on the Electricity Infrastructure Renewable Energy Zone Access Roadmap at energy.nsw.gov.au/government- and-regulation/electricity-infrastructure- Scheme consultation roadmap#-consultation-. 22 March Today we are releasing an Issues Paper seeking submissions on the best model and characteristics for the forthcoming Central- West Orana Renewable Energy Zone (REZ) Access Scheme – a major milestone in our Electricity Infrastructure Roadmap consultation timeline.

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Our hydrogen jobs plan AGL’s Chief Operating Officer, Markus Brokhof said batteries will be an important part of the 23 March technology mix needed to deliver Australia’s We will build, own and operate a world energy needs in the decades ahead. leading Hydrogen Power Station under a

Malinauskas Labor Government. “This project will play a critical role in

transforming the reliability of renewables in This station will harness South Australian , providing essential firming capacity renewable energy to supply cleaner and and storage,” Mr Brokhof said. cheaper power.

“With the commissioning of Loy Yang A in We will also build one of the world’s largest 1985, the has a long and proud hydrogen electrolyser facilities to produce of history of generating electricity to hydrogen from water using excess renewable thousands of Australian households and energy. businesses.

And a hydrogen storage facility, holding two “The region will continue to play an important months’ operation, will provide additional role in providing reliable and affordable capacity when required. energy - this project is part of both the AGL

and regions’ transition and path to a lower That’s our Hydrogen Jobs Plan - powering new emissions future. jobs and industry.

“It is through low emission firming We can follow the world on energy policy and technologies like batteries that we can create see jobs go interstate and offshore. sustainable energy for our customers as well

as deliver on our Climate Statement Or we can lead the world and bring jobs here commitments which include net-zero in South Australia. emissions by 2050.

Find out more about our Hydrogen Jobs Plan “Since acquiring Loy Yang A in 2012, we’ve here: www.petermalinauskas.com.au been committed to supporting the community

and this battery is yet another part of AGL’s Source: SA Labor Party future in the region.”

In addition to the proposed battery at Loy

Yang, AGL is also developing a 250MW battery AGL firms up reliability, as Loy at its Torrens Island power station, a 150MW Yang battery moves ahead battery at its Liddell power station and a 50MW battery in Broken Hill as well as 23 March supporting grid-scale battery projects AGL has lodged a planning application to the including Wandoan, Maoneng and Dalrymple. Victorian Minister for Planning and the

Department of Environment, Water, Land and Source: AGL Energy Planning for a 200MW, four-hour duration grid-scale battery at Loy Yang Power Station in the Latrobe Valley.

The project is part of AGL’s commitment to leading Australia’s energy transition which includes the development of 850MW of grid- scale batteries by FY24

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Genex executes connection The ongoing operations and maintenance charges will be payable by the Project SPV agreement with Powerlink for from its cash flows. Kidston Pumped Storage In addition to K2-Hydro, the Connection Hydro Project Assets will have spare capacity for the 23 March connection of other generation projects, Highlights: including the Kidston Stage 3 Wind Project • Execution of Generator Connection and and Kidston Stage 2 Solar Project. To both Access Agreement (GCAA) with Powerlink; support the terms of the GCAA for the Project and and secure this important transmission • GCAA secures $147M in funding from the infrastructure for the Kidston Clean Energy Queensland State Government. Hub, Genex has also executed a Transmission Support Charges Deed (‘TSCD’) with Genex Power Limited (ASX:GNX) (‘Genex’ or Powerlink. Under the TCSD, Genex will ‘Company’) is pleased to advise that it has commit to support the balance of the finalised its negotiations with Powerlink operating costs of the Connection Assets Queensland (‘Powerlink’) in relation to the while its other projects complete their connection arrangements for the 250MW development. Kidston Pumped Storage Hydro Project (‘K2- Hydro’ or ‘Project’). Commenting on the execution of the GCAA with Powerlink, Genex CEO James Harding This has culminated in the special purpose stated: vehicle incorporated to own and operate the “Genex is delighted to have executed these Project (‘Project SPV’) having executed a agreements with Powerlink to connect the Generator Connection and Access Agreement Kidston Pumped Storage Hydro Project to the (‘GCAA’) with Powerlink. The GCAA has been National Electricity Market. This marks the the subject of extensive negotiation since the culmination of a process of close cooperation initial announcement of the Queensland and deep engagement which commenced Government co-contribution of funding for four years ago, and which has resulted in an the Transmission Line in September 2019 innovative commercial arrangement which (refer ASX Announcement dated 4 September will support not only our flagship pumped 2019). hydro project, but the broader Kidston Clean Energy Hub including the Kidston Stage 3 The GCAA provides for the construction of a Wind Project and the Kidston Stage 2 Solar new single circuit 275kV transmission line Project. from Kidston to a new switching station at Mt Fox, which will connect the Project to the We would like to thank the Queensland National Electricity Market (‘Connection Government for their support and we look Assets’). forward to working together to deliver this exciting new piece of electricity infrastructure The terms of the GCAA provide for a total which, together with the pumped hydro construction cost of $258M for the project, will deliver over 800 new jobs in Connection Assets, which will be funded by North Queensland.” way of: • $111M from the Project SPV of; and Source: Genex Power • $147M from the Queensland Government directly to Powerlink (refer ASX Announcement dated 5 February 2021).

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Wind generation experts He said the consultancy was established in 2018 and had deep expertise around Roaring40s team up with investigating and developing wind farm Contact Energy projects, from site identification through to 23 March design and tendering. The terms of the deal Highly regarded wind generation experts between Roaring40s and Contact are Roaring40s Wind Power Ltd (‘Roaring40s’) will confidential, but it is not material from work exclusively with Contact Energy to Contact’s perspective. It comprises a small, develop a pipeline of large-scale wind farm fixed retention fee and project-by-project opportunities in New Zealand over the next success fees. six years, according to the terms of a new arrangement announced today. Source: Contact Energy

Contact Energy CEO Mike Fuge said the Plimmerton-based Roaring40s team of Paul NEW PROJECT Botha, Graeme Mills and Steve Harding were Dubbo Solar Farm the country’s “pre-eminent” wind Location: Approximately 3.43km south east of development experts. Dubbo town centre, NSW Capacity: 5 MW “If you are looking to identify and develop Developer: Providence Asset Group wind projects then you want to involve the LGA: Dubbo Regional Council Roaring40s team, and it’s a real coup to have Status: Development application lodged with them join the Contact extended whānau. council We’re very pleased to have their nous, Description: The Dubbo Solar Farm project credibility and experience on board and we proposal includes a no-larger-than 5 MW grid- are excited about working together.” connected solar PV installation. The solar farm will be connected to Essential Energy's Mr Fuge said the move would see wind network via an 11 kV distribution line to the expertise added to Contact's existing west of the site. The proposed development geothermal and hydro prowess. “This sends a aims to erect an estimated 12,609 solar PV strong signal that Contact is serious about panels with a nameplate rating of 540W. exploring high quality wind generation Other electrical generation infrastructure is options to meet higher market demand proposed on the site including a skid-mounted scenarios and accelerated decarbonisation. MV Power Station consisting of inverters, transformer and switchgear. The PV “A pipeline of flexible and low-cost wind arrangement will consist of 159 ground projects will complement our high quality, mounted single axis trackers. During the low-cost, baseload geothermal development construction period there is estimated to be pipeline. As the economics around wind up to 30 personnel on site for up to 6 months. technology continue to improve, wind options The land is currently used for agricultural will provide effective competition for our purposes including livestock grazing with geothermal developments." historical improved pastures and cultivation. The proposed development site is located in Paul Botha from Roaring40s said Contact had the eastern section comprising approximately made the decision easy. “Mike, James and the 15 hectares. team have a clear appetite for Contact to play Contact: Henry Sun a leading role in developing options for wind Chief Executive Officer generation and we’re looking forward to Tel: (02) 9264 9889 working together over the next six years. It’s a Email: [email protected] very exciting time to be involved in renewable generation in New Zealand.”

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PROJECT NEWS GenusPlus expands capacity Oxley Solar Farm with investment in emerging An EIS for the proposed Oxley Solar Farm, being developed by Solar Megawatt Holdings, renewables sector has been placed on exhibition by the state 23 March government. The Oxley Solar Farm is located HIGHLIGHTS: on the southern side of Waterfall Way • GenusPlus has established a Renewable (Grafton Road), approximately 14km south- Energy Division, focused on expanding into east of Armidale in the New England region of the renewable energy sector. NSW. This region has been identified as an • The new division is focused on the delivery optimal Renewable Energy Zone (REZ) in of renewable projects, and the maintenance which to develop new electricity generation of renewable power infrastructure in a large projects, supported by existing transmission emerging market. network strength and capacity (AEMO, 2020). • With anticipated growth in various forms of The proposed Oxley Solar Farm involves the renewable energy projects, increased sector construction, operation and decommissioning capacity is anticipated to unlockPerth-based of a ground-mounted PV solar array. essential power and telecommunications Approximately 225MW (AC) of renewable infrastructure provider energy would be generated and supplied directly to the national electricity grid. Of the GenusPlus Group Limited (ASX: GNP) 1048ha proposal site, the development (“GenusPlus”, or the “Company”) is pleased to footprint would represent approximately announce the launch of a new division in 895ha which would be developed for the solar renewable energy with the appointment of farm and associated infrastructure. Two highly experienced and accomplished existing TransGrid 132kV transmission lines personnel with extensive experience in the run parallel to each other within the northern renewable energy sector. section of the proposal site and would be used to connect the solar farm to the national GenusPlus will prioritise work related to the electricity grid. design, engineering, procurement, construction, and installation of power The indicative site layout includes the projects within the broader renewables following key infrastructure: industry with risk mitigating commercial - Approximately 715,000 PV solar panels strategies and contracting models. mounted on either fixed or tracking systems, both of which are considered feasible GenusPlus will target both off-grid and on-grid - Approximately 45 Power Conversion Units renewable and hybrid projects and deliver (PCU) composed of two inverters, a these assets to end users. transformer and associated control equipment The Company is cognisant of maintaining its - An onsite 132kV substation containing up to safe contractual risk profile with any new two transformers and associated switchgear work in this sector by partnering with subject - An energy storage facility with a capacity of matter expert suppliers, consultants, and up to 50MWh (i.e. 50 MW power output for subcontractors. one hour) and comprising of lithium ion batteries with inverters. This emerging renewable energy market spend is in excess of $20 billion in Australia and demonstrates the Company’s further growth and diversification opportunities.

The number of new project opportunities that are presenting in the renewables sector

Page 7 (Click on relevant project links to go to online Project Database) warrant this investment by GenusPlus and Province Resources Ltd (ASX: PRL) (Province ensures that the Company has a strong or the Company) is pleased to announce that platform to participate in anticipated growth it has appointed ERM (ERM) as Lead in the industry. Approvals Consultant at the HyEnergy ZERO CARBON HYDROGEN™ Project (HyEnergy The new appointments bring a potential Project), located in the Gascoyne Region, pipeline of exciting opportunities to support Western Australia. the Company’s growth strategy. Managing Director David Frances commented These new opportunities will significantly “It is great to have ERM onboard to help drive compliment GenusPlus’ existing service the project approvals which are often the offerings. critical path in developing projects in a timely manner. ERM have extensive experience GenusPlus Managing Director, David Riches, working with approvals projects in Western said “The renewables sector is a growing part Australia, including excellent working of the changing energy market. The services relationships with both State and we will deliver to the renewable sector will Commonwealth regulatory agencies. I am complement the services currently offered looking forward to working with the team at and provide access to a larger pool of projects ERM and progressing the HyEnergy Project in and ongoing maintenance. We are continuing what is quickly becoming a massive emerging to see growth in the number of projects clean energy industry”. emerging in this sector and we will be selective on opportunities. We see the The HyEnergy ZERO CARBON HYDROGEN TM opportunities in the multi-billion dollar Project is located in Western Australia’s renewables sector to be significant and this is north-west and covers an area of 1,408 a small investment in the future of the square kilometres. The town of Carnarvon is Company, which we expect will generate the administrative centre and adjoins the greater value for our shareholders. We are project area; it has first class infrastructure in excited by this new phase in our growth.” place including the Dampier Bunbury Natural Gas Pipeline (DBNGP) and the major North Source: GenusPlus West Coastal Highway.

ERM has over 40 years’ experience helping clients plan, assess and deliver new projects ERM appointed lead approvals on schedule. ERM helps companies identify and manage their environmental, social, and consultant for HyEnergy ZERO cultural impacts and risks throughout the CARBON HYDROGEN™ project project lifecycle.

24 March The ERM global team of specialists provide Highlights: expertise on international standards as well as • ERM appointed as Lead Approvals local regulatory systems and cultural Consultant for the HyEnergy ZERO CARBON sensitivities. ERM understand the capital HYDROGEN TM Project, WA project design process and work with clients’ • ERM to develop Project Approvals Strategy engineering teams to share their knowledge across environmental, social, planning and from the outset. ERM’s comprehensive governance requirements support includes: • The Approval Strategy is designed to de-risk • Project feasibility and option assessment, the approvals aspects of the Project, ensuring siting, routing and planning; State, National, and relevant international • Design-phase impact and risk mitigation standards are met in order to secure timely support; approvals, funding and license to operate.

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• Resource-specific study support, field Darwin International Airport surveys and modelling; • Regulatory permitting and approvals; solar expansion • Equator Principles and IFC Performance 24 March Standards compliance; Works on a 4 megawatt solar rooftop array • Stakeholder / public engagement design and across four businesses operating within implementation; Airport Development Group’s (ADG) 311 • GIS, imagery analysis, and digital data hectare Darwin International Airport (DIA) site management; and commenced today. The project signals ADG’s • Financial option analysis/assessments. ongoing private sector leadership in renewable energy generation in the Northern New projects are under increasing scrutiny with Territory, at DIA and Alice Springs Airport respect to their potential impacts on natural and (ASA), which it owns and operates. human environments and subject to rigorous assessment to understand and mitigate these The $5M investment includes ADG capex impacts. Meeting and complying with these investment and funding from North Australia requirements and standards require a strategic Infrastructure Facility (NAIF). and outcomes-oriented approach as well as impact assessments that are systematic, The project will see solar arrays installed on documented and defensible. roof tops at Bunnings, the Cold Store Facility, Osgood South Business Park, the DIA terminal The risks associated with a changing climate and terminal carparks by the end of 2021, are recognized as systemic to the global with all works being undertaken by local economy. Pressure is increasing from businesses. investors, regulators, customers and society for business and governments to transition to ADG Executive General Manager Property and a lower carbon economy. ERM is distinctly Terminal Ross Baynes said the investment positioned to help in the corporate and demonstrates ADG’s commitment to finance sector to navigate this transition, from sustainability. strategic advice through to practical on-the- ground implementation. “ADG is committed to its renewable energy • Advising at corporate and asset levels to target, which is more ambitious than the identify and reduce carbon emissions and United Nations Paris Agreement on Climate climate-related financial risk within the value Change. ADG has been an early adopter of chain; large-scale solar generation and this new • Providing climate policy analyses and investment builds on earlier investments at intelligence to assess evolving regulatory both our Darwin and Alice Springs sites.” requirements; • Building new or repurposing existing DIA currently has two airside solar farms and infrastructure for the new lower-carbon various existing rooftop arrays totalling over 6 economy (e.g. renewables, electricity networks, megawatts, which last financial year produced Liquid Natural Gas (LNG), hydrogen, and carbon 8,297 megawatt-hours of renewable energy, capture, utilization and storage (CCUS)) enough to support 84% of DIA operations, including the terminal. ASA has an additional ERM’s experience helping clients navigate the megawatt of solar producing 1,546 megawatt- changes across multiple sectors enables ERM to hours, which last financial year covered ASA bring extensive technical and strategic capability energy demands. to help organisations act at the scale and speed necessary to remain successful. The additional solar expansion is expected to provide DIA with all the energy it requires to Source: Province Resources operate.

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“ADG will continue to invest in solar energy to says Gillian Cagney, President - Australia & offset energy costs associated with operating New Zealand (incl. PNG & Mongolia), Worley. our businesses,” said Mr Baynes. “and planning is well underway for additional solar “First of their kind projects such as this, are arrays across our sites in Darwin, Alice Springs directly aligned to our purpose of delivering a and Tennant Creek.” more sustainable world and demonstrate our ongoing commitment to the development of “As a local business that has operated in the the hydrogen economy.” Territory for more than 20 years we believe we can make a positive difference to the lives As part of future phases, the project will be of Territorians, by investing locally and using expanded to drive further exports of green local businesses to undertake works where we ammonia to support decarbonization in the can.” global power generation and maritime transport markets. NAIF CEO Chris Wade said: “NAIF works with project proponents to help bring a positive At full scale, the Eyre Peninsula Gateway™ impact to local communities and we are project will have a total production capacity of pleased to partner with the ADG to help bring over 200,000 tonnes of green hydrogen per these solar arrays to the site. NAIF has been a year and 800,000 tonnes of green ammonia long-standing supporter of the ADG, funding per year, respectively. improvements across the airport sites, and we look forward to continuing that partnership Source: Worley going forward.”

Source: Airport Development Group PROJECT NEWS Doughboy Wind Farm

A referral for Epuron’s proposed Doughboy

Wind Farm has been opened for public H2U selects Worley to comment under the EPBC Act by the federal engineer large-scale green government. The project is planned within the Wollomombi/Lyndhurst locality in the hydrogen and green ammonia Armidale Regional Council Local Government project Area. The size of the proposal area is 24 March approximately 20,000ha, located across the We’ve been awarded the engineering services properties of 19 involved landholders. The contract, by H2U Group, for the front-end project consists of up to 87 wind turbines, engineering and design (FEED) phase of the each with a capacity pf 6MW (turbine capacity greenfield demonstrator stage of the Eyre may increase or decrease as further models Peninsula Gateway™ project, located in South are developed). The currently proposed Australia. development corridor within which infrastructure would be sited is 2339ha. The Integrating a 75 MW electrolysis plant, and a project is expected to generate renewable 120 tonnes per day (tpd) ammonia synthesis energy from the wind facility and to be able to plant, the demonstrator stage will have a total export approximately 300 to 400 MW of production capacity of up to 10,000 tonnes of capacity into the national electricity grid. An green hydrogen per year and 40,000 tonnes of approximately 100 MW / 400 MWh battery green ammonia per year, respectively. based on lithium-ion technology will be collocated in a centralised place with the “We see the critical role that hydrogen has to substation. play in building a more sustainable future”,

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Grid connection achieved at Genex launches $90m fully Kadina Solar Farm underwritten placement & 24 March entitlement offer MPower, Australia’s leading specialist 24 March renewable energy, battery storage and (Extract) microgrid business, is pleased to announce it Highlights: has successfully connected a 5MWac solar • Genex to finance final equity contribution to project at Kadina in South Australia to the retain 100% ownership of the Kidston national electricity grid. This marks the fifth Pumped Storage Hydro Project; 5MW solar project that MPower has • Fully underwritten placement and connected to the grid. entitlement offer (together, the ‘Capital

Raising’ or the ‘Offer’) of $90M launched to Chief Executive Officer Nathan Wise raise cash for Genex equity contribution to commented: “The successful first connection the Project; and energisation of this 5MW solar project is • SSA and TSA Amendment signed with J- a great milestone and marks the fifth project POWER to facilitate additional $25M equity of this size that MPower has achieved grid investment into Genex; connection. It closely follows the connection • NAIF debt of up to $610M and ARENA of the South Hummocks solar project last project Grant of $47M have received final week and is further testament to MPower’s approvals with funds committed for the expertise in delivering multiple projects in development of the Project; parallel.” • Subsequent to completion of the Capital

Raising and financial close, Genex will have Grid connection, including first energisation of $777M of available capital to fully fund the the solar farm, follows the commissioning construction of the Kidston Project; and phase that began last month. The project is • Financial Close and commencement of expected to reach commercial operations in construction now on a fixed schedule to occur the coming weeks, highlighting the start of in April/May 2021. when the project is capable of exporting power at full capacity to the grid. Genex Power Limited (ASX:GNX) (‘Genex’ or

‘Company’) is pleased to announce that it has “MPower is actively building a pipeline of today secured the final piece of the $777M 5MW solar project sites and currently has project financing package for the 250MW exclusivity over six sites. We are looking to Kidston Pumped Storage Hydro Project (‘K2- create an initial portfolio of up to 20 Hydro’ or ‘Project’), through the launch of a renewable energy assets with an aggregate fully underwritten Capital Raising to raise capacity of 100MWac and an estimated value $90M. Importantly, the Capital Raising will of more than $150 million once fully allow Genex to proceed with the construction constructed” Nathan Wise added. and operation of the Project on a 100%

owned basis. Source: MPower

As announced on 1 July 2020, Genex has been engaged with a selection of potential equity investors to take up to a 50% interest in the Project through an investment of new cash equity.

This culminated in the selection of a preferred equity partner with whom Genex was working to close out the project financing activities

Page 11 (Click on relevant project links to go to online Project Database) and which was the basis of its Final The proceeds of the Offer, in combination Investment Decision for the Project (refer ASX with the proceeds from the subscription by Announcement dated 22 December 2020). Electric Power Development Co. Ltd (‘J- POWER’) for Genex shares (detailed further Following an inability to reach satisfactory below) and existing cash, will be used to commercial terms with its preferred equity finance Genex’s equity contribution for the partner and cognisant of the strong long term construction of the Project. shareholder returns the Project will deliver, Genex will progress the Project to financial The completion of the Capital Raising will close on a 100% owned basis supported by preserve Genex’s existing working capital today’s announcement of the fully during the 4-year construction phase of the underwritten Capital Raising. Project. Genex will also continue to apply existing working capital toward the Fully Underwritten Placement and Rights development of its broader portfolio including Issue to raise $90M the Project Como battery projects. Genex is pleased to confirm that it has launched a fully underwritten placement and Source: Genex Power pro-rata accelerated non-renounceable entitlement offer to raise approximately $90.3M. The Offer comprises the following: - An institutional placement of approximately AGL prepares for construction 170.1 million new fully paid ordinary shares in Genex (‘New Shares’) to raise approximately of grid-scale battery at Torrens $34.0M (‘Placement’); and Island - An 11-for-20 pro rata accelerated non- 24 March renounceable entitlement offer of AGL has today announced construction will approximately 281.3M New Shares to raise get underway this year on a 250-megawatt approximately $56.3M (‘Entitlement Offer’) (MW), one-hour duration grid-scale battery at

Torrens Island, following AGL’s final All New Shares offered under the Offer will be investment decision (FID) on the project. issued at an issue price of $0.20 per New

Share, which represents a: AGL Managing Director and CEO, Brett - 27.0% discount to the 5-day volume Redman said South Australia is leading the weighted average price (‘VWAP’) of $0.274 on way in the rollout of AGL’s 850MW network of 23 March 2021; and grid-scale batteries by the end of FY2024. - 15.0% discount to the Theoretical Ex-Rights

Price (‘TERP’)1 of $0.235 “We’re excited to be giving the green light to

the Torrens grid-scale battery, the first one in The Entitlement Offer provides eligible the AGL network that is under development, shareholders the opportunity to subscribe for and I’d like to thank Minister van Holst 11 new shares for every 20 existing shares Pellekaan for his support and commitment to held as at 7pm Sydney time on Friday, 26 this project,” Mr Redman said. March 2021 (‘Record Date’).

“We put forward our vision for this project TERP represents a theoretical measure only. less than six months ago and with the hard TERP is calculated as the market work of our team and support from the South capitalisation, based on the closing price of Australian government we are now ready to Genex shares immediately prior to the launch make this a reality. of the Entitlement Offer being A$0.275 per share, plus the new shares to be issued under the Entitlement Offer at the Offer Price.

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“Generating more power from wind than any of net zero emissions by 2050 – a target we other state, we know this battery will be share with the South Australian Government.” instrumental in maintaining reliable and affordable supply for households and Earlier this year, AGL entered into framework businesses in South Australia in the years agreements with global energy storage ahead.” technology companies, Wartsila and Fluence, and is currently finalising the provider South Australian Energy Minister, Dan van arrangements for this project in order to Holst Pellekaan said South Australia will soon begin construction. have a new ‘biggest battery’, funded by the private sector, which is a strong vote of AGL is targeting full operation of the system confidence in our government’s energy by early 2023. The battery has been planned policies. to be capable of an expansion of up to four- hours in duration, enabling AGL to adapt to “This will be the fifth grid-scale battery in our changing market conditions. state, and the fourth one built since the last state election,” Minister van Holst Pellekaan In addition to this project, AGL is also said. developing a 200MW battery at its Loy Yang A power station, a 150MW battery at its Liddell “This investment shows the confidence the power station and a 50MW battery in Broken private sector has in South Australia’s energy Hill as well as supporting grid-scale battery sector, as a result of the world-leading well projects including Wandoan, Maoneng and managed renewables focus of the Marshall Dalrymple. Government. Source: AGL “It’s great to see AGL investing in new storage assets at the same time that the average household cost of electricity has come down by an average of $269 per year. Meridian urges Government

“Our energy policies are working to deliver and industry to back Climate cleaner, more affordable and more reliable Change Commission advice power for all South Australians.” 25 March

Meridian Energy strongly supports the AGL Chief Operating Officer Markus Brokhof Climate Change Commission’s draft advice said battery technology is key to enhancing outlining how Aotearoa can reach net-zero the energy system’s flexibility while leading emissions by 2050 in an achievable and Australia’s energy transition and ongoing affordable manner. integration of renewables.

Chief Executive Neal Barclay has urged the “It is through low emission firming Government and industry to back the technology, like batteries, that we are Commission’s draft advice, including its continuing to drive AGL’s energy transition overall pathway and three proposed and respond to the accelerating market forces emissions budgets. “We have a clear and of customer demand, community expectation viable pathway to reach net-zero and the development of technology,” Mr emissions. We now need business to step up Brokhof said. their own actions, and we need the

Government to pick up the pace with decisive, “Our battery program will also support us in long-term policy action to support the achieving the goals and targets set out in our transition,” Barclay says. Climate Statement, which includes our target

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Barclay says a critical element of the plan is Commission’s and demonstrate the need for the target to increase the amount of faster and more flexible approvals for new renewable energy used across all sectors from renewable generation, as well as greater 40% to 60%. recognition of the national importance of existing renewable generation. “The country generates 84% of our electricity from renewable sources, but that only “Accelerating the development of new supplies 40% of our current energy renewable projects and protecting our clean needs. Electrification of transport, industry hydro-energy backbone will be a critical part of and other sectors which rely heavily on oil, reaching our 2050 commitments. Companies gas and is an absolute priority.” like Meridian will need to build much more renewable generation, and the consenting “Meridian is already working to electrify pathway must be simplified and streamlined to transport fleets and decommission coal meet demand. boilers. We have the ETS as a key tool to help drive down emissions, but we need additional “Helping Aotearoa fight climate change is an policies from the Government to make enormous opportunity and responsibility, and investing in clean technologies cheaper and we are committed to working with others to easier,” Barclay says. get there. A holistic approach is needed. In addition to increasing our country’s Meridian backs the Commission’s view that a renewable energy mix, energy efficiency and broad renewable energy target across all sectors behaviour change will be extremely important will be more effective than a hard target of enablers to ensure we get the job done. This 100% renewable electricity generation. should be a focus for us all if we are to meet our goals. “We should be focusing right now on what we can do to remove the most emissions cost- Meridian's submission on the Climate Change effectively and at pace. The best bang for our Commission draft advice can be found here. buck as a country over the next decade is going to be reducing fossil fuel use across the board, Source: Meridian particularly in transport and industrial heat.

“Switching the light vehicle fleet to electric PROJECT NEWS vehicles is not only one of the most effective Morgan Solar Farm ways to reduce emissions, it can save New Development approval for Stage 1 of Origin Zealanders money in the long term because of Energy’s 300 MW solar and battery storage the lower fuel costs over the life of a vehicle. project near Morgan, in the Riverland region

of South Australia, has been granted by the “Meridian agrees with the Commission that in state government. The first stage includes 150 addition to the ETS, the Government should MW of solar capacity and a battery of up to 80 quickly implement fuel efficiency standards MW. Stage 1 will connect to the grid via the and a feebate for new vehicle imports to existing ElectraNet 132/66kV North West change the cars that we import and make Bend substation which is located within the low-emissions options more site, while Stage 2 will link to the proposed affordable. Meridian is leading the way with SA-NSW interconnector. The project is on a its own fleet conversion having achieved an site of approximately 947ha in area (over two electric passenger fleet that is 100% pure parcels) 6km north east of Morgan in the Mid- electric,” Barclay says. Murray Council LGA. The peak construction

phase for Stage 1 is likely to involved Meridian’s forecasts for future growth in approximately 200-300 people over 2 years. electricity demand are consistent with the

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$636-million solar project After carefully considering all the evidence, the Commission has today (Thursday 25 receives conditional IPC March 2021) determined to approve the approval proposed solar farm, subject to conditions, 25 March “which have been designed to: The state’s Independent Planning Commission • prevent, minimise and/or offset adverse has today conditionally approved a new large- environmental impacts; scale solar farm for the NSW Riverina Region. • set standards and performance measures for acceptable environmental performance; The $636-million Culcairn Solar Farm, 4km • outline how the land can will be returned to southwest of Culcairn, would contribute 350 its current use following decommissioning and megawatts of energy to the National rehabilitation of the site; Electricity Market. It will also include a battery • require regular monitoring and reporting; facility with a capacity of 100MW / 200MWh and which will enable the Project to store solar • provide for the ongoing environmental energy for dispatch to the grid outside management of the development.” daylight hours or during times of peak demand. It takes to $2.329 billion the capital investment value of large-scale renewable The Department of Planning, Industry & energy projects greenlighted by the Environment finalised its whole-of- Commission since March last year, including government assessment of the Project in the: January this year. The state significant • $120-million Springdale Solar Farm near development application came to the Sutton, in the Southern Tablelands Commission for determination because the • $168-million Jindera Solar Farm, in the Department received objections from Greater Riverina Hume Council and more than 50 members of • $238-million Bonshaw Solar Farm near the public. Inverell, in the state’s north • $399-million Walla Walla Solar Farm, in the Commissioners Andrew Hutton (Panel Chair) Riverina, and and Professor Zada Lipman were appointed to • $768-million New England Solar Farm at determine the application. They met with Uralla. Neoen Australia Pty Ltd (the Applicant), Department and Greater Hume Council and The Commission’s Statement of Reasons for inspected the site and surrounding areas. Decision is available here: https://www.ipcn.nsw.gov.au/projects/2021/ An electronic Public Meeting was held earlier 01/culcairn-solar-farm-ssd-10288 this month to listen to the community’s views, which focused on land-use compatibility; loss Source: NSW Independent Planning of agricultural land; biodiversity and Commission environmental impacts; amenity impacts; impacts on neighbouring properties; bushfire risk; ‘heat island’ effect; land values; traffic impacts; economic impacts; and the need for and benefits of renewable energy projects as part of a response to climate change.

The Project is expected to generate 350 full- time jobs during construction and seven full- time operational positions.

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Vision for new wave power Clean Energy Council product presented at Blue welcomes Australian Energy Economy CRC Participants Infrastructure Commissioner Workshop 26 March The expansion of the role of the National 26 March Wind Farm Commissioner's to that of Carnegie Clean Energy (ASX: CCE) is pleased to Australian Energy Infrastructure announce the unveiling of Carnegie’s vision Commissioner is a welcome step to ensure for a new wave power product at the Blue the significant investment in Australia's Economy Cooperative Research Centre (BE electricity network is well planned, managed CRC) Annual Participant Workshop in Brisbane and has strong community engagement and yesterday. support.

The new product concept is a spin-off from The Commissioner has played a valuable role CETO that incorporates aspects of Carnegie’s in the renewable energy sector by sharing core CETO technology and know-how into a information, promoting best practice and novel wave powered system for use in working with industry and communities. offshore energy demand applications. The first market for this product may be Clean Energy Council Chief Executive, Kane aquaculture barges and vessels that require Thornton, said wind developers recognised energy for offshore operations. As the that community support was essential to the aquaculture sector moves further offshore industry's success as a whole. As a result, the into highly energetic conditions, Carnegie’s industry has made this a significant focus in new wave power product would address the how it goes about planning and developing challenge of securing clean and reliable projects. energy and replace the diesel generation otherwise required. "The wind industry has made a concerted

effort in recent years to lift the quality of its Adapting Carnegie’s CETO power take-off community engagement practices, and this (PTO) and control systems to create this new focus is reflected in a reduction in complaints product will expand the market for Carnegie’s made by community members over time, CETO intellectual property (IP) and will also despite increasing levels of activity," said provide further component innovation and Thornton. testing that would feedback into Carnegie’s

CETO technology, supporting accelerated In 2019, the Commissioner's role was development and improved performance. expanded to include large-scale solar and

storage. In that year, the Commissioner Carnegie’s long-term vision for this product received 75 new complaints nationwide, a includes integration of other complementary number of which related to construction power solutions such as batteries and/or matters in a year with substantial hydrogen to support the growth of a diverse construction activity. The vast majority of sustainable blue economy globally. This complaints received during the year system could provide power for a variety of concerned proposed wind farms (including energy loads offshore, with potential in projects under construction), with only five aquaculture, environmental monitoring, complaints relating to operating wind farms. defence surveillance and beyond.

"While we must continuously strive for Source: Carnegie Clean Energy excellence, it's clear that these levels of

complaints are fairly low considering that the industry has deployed or committed to 17.6

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GW of generation worth $32.7 billion since 2017," said Thornton.

"The Commissioner has played an important role in supporting this continuous improvement effort, and we look forward to his contribution to best practice within the transmission sector, which is a vital partner of the electricity generation sector.

"A 21st-century economy needs a modern electricity network that supports reliability, security and lower emissions technologies and delivers low-cost energy to consumers.

"Upgrades in our transmission network are required urgently. Planning and development must take place in consultation with local communities to deliver outcomes that are both fair and equitable."

Source: Clean Energy Council

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