Project Update Week ending 18 April 2019

Genex executes connection agreement with for the 50MW Jemalong Solar Project 15 April Genex Power Limited (ASX: GNX) (Genex or connection agreement with Essential Energy for Company) is pleased to announce that it has the Jemalong Solar Project and secure our Project entered into a binding connection agreement within the NEM as a committed generator. In a with Essential Energy, responsible for one of short amount of time, we have already Australia’s largest electricity distribution established an excellent relationship with networks, for the 50MW Jemalong Solar Essential Energy and look forward to working Project (JSP or Project) in New South Wales. together over the coming weeks and months.

The connection agreement, which was We are also pleased to report that the entered into by Genex’s wholly-owned refinancing activities of KS1 and project subsidiary Jemalong Networks Pty Ltd as financing activities for JSP continue to trustee for Jemalong Networks Trust, allows advance as scheduled. Genex remains on for the connection of the Project into the track to reach financial close for both of these National Electricity Market (NEM) via Essential projects by the middle of the year, Energy’s distribution network. The connection establishing our position as a key renewable point will be located at the existing West energy developer in the NEM as we continue Jemalong 66/11kV Zone Substation, situated to expand our portfolio.” within close proximity to the Project site, minimising construction cost and time. Source: Genex Power

The execution of the agreement means the PROJECT NEWS Project is now classified as a committed Yatpool Solar Farm generator, with its position secured within the Developer BayWa r.e. applied for a licence to NEM. Being confirmed as a ‘committed generate and sell electricity from its Yatpool generator’ enables the Company to now focus Solar Farm located approximately 20km its attention on remaining activities, including: south-west of Mildura, Victoria. The 106.4 advancing engineering, procurement and MW DC/81 MW AC solar farm features construction, contractor discussions and 327,613 Astronergy polycrystalline modules, completing the refinance of the 50MW 36 central SMA inverters, Nextracker’s single (KS1) and project axis solar tracking system and one 100MVA financing for JSP by mid-2019. transformer. Beon is the EPC contractor, while

BayWa r.e. intends to oversee the Operations Commenting on the milestone, Chief and Maintenance of the project for the next Executive Officer of Genex, James Harding 10 years. stated: “We are very pleased to execute the

Page 1 (Click on relevant project links to go to online Project Database)

Solar Pile International “This is an exciting project, which is consistent with our plans to continue to invest in our contracted for the 333 MW core energy markets business as customer Darlington Point Solar Farm needs and technologies evolve. The Solar Pile International (SPI) team is proud to announce our appointment to “If we proceed and the project is approved, it supply the total piling needs of the 333 MW would be an important addition to our Darlington Point Solar Farm project in NSW, technology mix in South Australia, where we Australia. have significant wind and thermal generation. It would help us to meet the changing needs SPI have once again partnered with global of the South Australian energy market, in EPC, Signal Energy, to provide 117,500 piles which energy storage assets are likely to be for supporting and managing the applied needed to provide dispatchable capacity as loads of single axis solar trackers. renewables generation increases over coming years.” The project covers 975 hectares and is located approximately 10 km south of the town of Mr Wrightson said the signing of binding Darlington Point in Western NSW. The Solar agreements was the start of a multiple stage Farm will produce enough electricity to power process to progress the project, including the over 115,000 homes throughout NSW and will lodgement of a development application in employ approximately 300 personnel during 2020. AGL would buy the land required for the construction. project from Hillgrove shortly after a final investment decision, which is expected to be We are excited to work further with major made after the completion of processing at solar utilities EPC, Signal Energy and we once Kanmantoo. again look forward to contributing towards a cleaner world for all. “If all approvals are received, we expect the project to be complete and operating by Our recyclable piling technologies are 2024,” Mr Wrightson said. determined and tuned to the specific needs of a given solar farm site to ensure optimum Source: AGL Energy performance and minimal site disturbance at a cost that adds value. Hillgrove sells the rights to Source: Solar Pile International develop a Pumped Hydro Energy Storage (PHES) project AGL secures right to develop to AGL pumped hydro energy storage 16 April Hillgrove Resources Limited (ASX: HGO) project in South Australia (Hillgrove) wishes to announce it has 16 April completed the competitive process to seek AGL today announced it had secured the right proposals from the private sector to develop, to develop, own and operate a 250-megawatt own and operate a Pumped Hydro Energy pumped hydro energy storage project at Storage (PHES) project at its Kanmantoo mine Hillgrove Resources Limited’s Kanmantoo site. copper mine in South Australia’s Adelaide Hills region. As a result of this process Hillgrove is pleased to announce it has entered into binding AGL’s Executive General Manager of agreements to sell the right to develop, own Wholesale Markets, Richard Wrightson, said: and operate the PHES project to AGL Energy

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

Limited (ABN 74 115 061 375) (AGL) for $31 but will forfeit milestone payments already million. made to that point in time.

Key Transaction Terms AGL is required to lodge a development The $31 million will be payable over an approval application within 12 months of estimated 18-36 month period with staged satisfaction of the conditions precedent and payments based on the achievement of the reach FID within 12 months after the later of following PHES project milestones: AGL obtaining development approval and an - $1 million on signing of the project offer of a connection agreement to the grid agreements, for the project. Hillgrove can take back the - $4 million on the completion of a number of PHES project if these milestones are not conditions precedent including: achieved, subject to (1) extensions for events - Confirmation by a limited drilling outside AGL’s control and (2) AGL electing to programme of the stability of the ground at pay a monthly extension fee of $100,000 per the proposed location of the PHES vertical month (up to a maximum of 6 months) for shaft, either milestone. - Execution of an early works agreement between AGL and HGO under which HGO Hillgrove will be separately contracted by AGL performs various scopes of early works and under the early works agreement to provide services for the PHES project on a fee for services during the development of the PHES service basis. Project including assistance in negotiating - The preparation of an initial baseline study water supply arrangements and managing the to determine any contamination on the land first fill of the ponds. to be used for the PHES project. - AGL being satisfied that there is no material AGL will utilise the Giant Pit as the lower pond contamination on the project site, and for the PHES and the upper pond will be - AGL being satisfied with HGO's located on land Hillgrove owns and/or will relinquishment plan dealing with mine closure acquire under an option agreement with a and rehabilitation of the project site. neighbouring landholder. Hillgrove has agreed to subdivide the land required for the PHES Satisfaction of the conditions precedent is and sell this land to AGL on a freehold basis. expected within 6 months. - $5 million once AGL has acquired any and all Hillgrove will retain its remaining freehold necessary water supply and transportation land, the Kanmantoo processing plant area, arrangements, approvals and licences, the administration area and the tailings dam - $10 million on later of AGL obtaining (TSF), enabling the processing of ore from any development approval and an offer of a future exploration discoveries. connection agreement to the grid for the project, The freehold land sale, (which will occur - $11 million on the Final Investment Decision following FID), is likely to take place after the (FID) by AGL completion of current processing at Kanmantoo, estimated to the second half of The entire $31 million is payable in the event 2020. AGL elects to buy-out the PHES project, including freehold title in the land required for Hillgrove will remain responsible for the the PHES project. environmental and closure liabilities associated with the mining activities at the AGL can withdraw at any time prior to Kanmantoo copper mine. payment of the final payment milestone, in which case it will not be required to make payments in respect of unsatisfied milestones

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

The PHES Project Australia, at a time when synchronous The PHES project is expected to have generation and bulk storage is critically generating capacity of 250 MW and 8 hours of needed. storage, making it the largest storage capacity in South Australia. Although the progression of the PHES will prevent long term mining of the portion of the The South Australian Minister for Energy and underground exploration target directly Mining, Dan van Holst Pellekaan said: beneath the existing pit, the Board “This is an exciting pumped hydro project determined the AGL PHES offer represented a which aligns with the Marshall Government’s lower risk and higher value proposition to policy of matching storage capacity with shareholders.” renewable energy resources to deliver cheaper, more reliable and cleaner electricity Hillgrove was advised on this project by Key for South Australian households and Pacific Advisory Partners and Minter Ellison. businesses. Source: Hillgrove Resources I congratulate Hillgrove Resources and AGL for their agreement, and look forward to the project developing in coming months and Palisade’s Renewable Energy years.” Fund secures $160 million debt In 2017 Hillgrove commenced investigating facility for Hallett Wind Farm the merits of a PHES project at the 17 April Kanmantoo site. The rationale for the project Palisade Investment Partners (Palisade) is was then and remains: pleased to announce the successful - The fundamental changes occurring in the refinancing of a new $160 million, 13.75 year National Electricity Market (“NEM”), including debt facility for Hallett 1 Wind Farm (Hallett). the withdrawal of coal fired generation, significant increases in gas costs impacting the Hallett’s new long-dated debt facility has been cost of gasfired generation and the significant underwritten by the National Australia Bank increases in the development of intermittent (NAB) and will be syndicated to institutional renewable generation, both wind and solar. investors in the Japanese life insurance Further, that these issues were being market. particularly seen in South Australia.

- Therefore, cost effective storage was The refinancing has achieved highly attractive required in the NEM and in South Australia to pricing and terms, reflecting the strong credit deal with volatility in electricity prices and the position of Hallett and the underlying strength reliability of supply. of Palisade as a long-term sponsor. - The Giant Pit could be used as the lower pond for a PHES and there were highly cost- Palisade CEO Roger Lloyd said: “The effective options for the upper pond. refinancing of Hallett represents another - The site, in proximity to the Adelaide load, major achievement for Palisade’s renewable was connected to electricity infrastructure energy portfolio following the successful long- and had water supply agreements with water dated financing of Waterloo Wind Farm in late delivered through dedicated pipelines. 2018.

Steven McClare, Managing Director Hillgrove, Hallett now has a permanent financing said; “we are delighted to work with AGL on solution that removes future refinance risk the delivery of this project which will from the business. Combined with its fixed transform a former mining site into one of the cash flow profile under the AGL off-take lowest cost electricity storage projects in structure, Hallett’s investors have clear

Page 4 (Click on relevant project links to go to online Project Database) visibility over their long-term investment NEW PROJECTS returns”. Raywood Solar Farm

Location: Raywood, Victoria Connie Sokaris – General Manager, Client LGA: Loddon Shire Coverage said “NAB is delighted to bring Capacity: 200 MW together its structured finance and Developer: South Energy distribution capabilities to deliver Palisade Estimated cost: $300mil and its investors a compelling solution”. Description: The project covers about 360

hectares of land and is expected to generate Hallett’s refinancing has been executed in enough clean power for approximately 71,500 accordance with Palisade’s broader treasury households reducing carbon dioxide emissions risk management framework, which seeks to by about 421,000 tonnes per year. The project manage refinancing risk by targeting diversity is envisaged to commence construction in late of funding tenor and source across the 2019 and be fully operational in late 2020." portfolio, enhancing risk adjusted returns to investors. Goorambat Solar Farm Mr Lloyd said: “We are continuing to observe Location: Goorambat, Victoria attractive long-term debt pricing due to Capacity: 75 MW strong liquidity in long-dated financing Developer: South Energy structures and historically low long-term base Estimated cost: $120mil rates. Battery: Yes Palisade continues to assess long-term Description: Covering approximately 130 financing structures for the assets we manage hectares of farmland located within a short while market conditions remain attractive”. distance to the main township of Goorambat. The project is expected to generate enough Palisade’s Renewable Energy Fund (PREF), clean power for approximately 24,300 which owns a 49% interest in Hallett, is now households reducing carbon dioxide emissions over $300 million in FUM and commitments, by about 143,000 tonnes per year. The project including a $75 million cornerstone is expected to commence construction in late commitment from the Australian 2019 and be fully operational in 2020. Government-backed Clean Energy Finance Contact: Steve Nguyen Corporation. In addition to Hallett, PREF also Acquisition Manager has interests in Waterloo Wind Farm, Ross South Energy River Solar Farm and Granville Harbour Wind Tel: (03) 8842 6888 Farm, which is due for construction Email: [email protected] completion early 2020. March Large-scale Renewable PREF, which is currently open to new commitments from institutional investors, Energy Target market data generated a total return since inception to 31 now available March 2019 of 15.2% per annum, including a 16 April cash yield of 7.3% per annum. The Clean Energy Regulator has released the

March 2019 Large-scale Renewable Energy Source: Palisade Investment Partners Target market data.

March highlights

- 29 power stations were accredited in March

with a combined capacity of 15 megawatts.

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

- All 29 power stations accredited in March Rules that could offer reserves on various are mid-scale solar PV systems between 100 notice periods, and secured all resources kilowatts and five megawatts. offered in Victoria and South Australia that - The largest power station accredited in met the required cost, technical and March was the 1.7 megawatt solar PV system verification criteria. on Colonnades Shopping Centre in South Australia. Victoria and South Australia experienced - The 157 megawatt Mortlake South Wind record-breaking temperatures on 24 and 25 Farm in Victoria reached financial close in January, coinciding with the loss of up to March. The total capacity of committed 1,600 megawatts (MW) of available thermal projects is now 5523 megawatts. generation resources. Despite AEMO - The 150 megawatt Aurora Solar Energy activating available RERT resources on both Project was removed from the pipeline when days, load shedding was required to manage it was confirmed that the project would not system security, notably impacting more than go ahead after failing to secure commercial 200,000 Victorian consumers across two financing. hours on 25 January.

Source: Clean Energy Regulator AEMO’s analysis found that more than double the amount of Victorian consumers may have been impacted without the activation of Emergency reserves critical to RERT, with this important reserve mechanism also mitigating the risk of loss of supply to managing a power system in South Australian consumers. transition The cost of RERT services activated for 16 April summer 2018/19 equated to about The Australian Energy Market Operator $10,000/MWh (megawatt hours), which is (AEMO) has published an event report on the below the $14,500/MWh electricity trading load shedding events that occurred during market price cap. Without activation of the concurrent heatwaves in South Australia and RERT, AEMO estimates a further 1,252 MWh Victoria in January 2019. of load would have been required to be shed.

Applying the 2019 Value of Customer AEMO has today published an event report on Reliability* of $41,534 per MWh, the cost of the load shedding events that occurred during the load shedding avoided by using RERT is concurrent heatwaves in South Australia and estimated at $52 million. Victoria on Thursday 24 January 2019 and in

Victoria on Friday 25 January 2019. The report The RERT costs for the 2018/19 year also covers the activation of contracted represent an amount per average residential reserves in Victoria and South Australia under consumer of around $3.20 in Victoria, and the Reliability and Emergency Reserve Trader $0.80 in South Australia, based on standard (RERT) mechanism, which minimised the energy tariffs and usage of a typical energy amount of customer disruption needed to customer in 2018. Using average commercial balance the national electricity system. and industrial energy usage rates for the 2018

calendar year, the cost of RERT would equate Prior to summer 2018/19, AEMO identified a to an annual approximation of $0.79 per heightened risk of involuntary load shedding MWh in Victoria and $0.16 per MWh in South in Victoria and South Australia should the Australia. AEMO does not decide and is not power system experience an extreme weather involved in how retailers recover these costs day coinciding with significantly reduced from their customers. availability of market generation. AEMO worked diligently to establish a pool of Source: AEMO potential RERT providers under the Market

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

Creditors vote for Carnegie Spark Infrastructure acquires recapitalisation proposal Bomen Solar Farm in NSW 17 April 17 April Creditors of Carnegie Clean Energy Limited Highlights: have today unanimously accepted a ▪ Acquisition of 100% of Bomen Solar Farm – restructuring plan to save the company and to be constructed near Wagga Wagga, NSW relist on the Australian Securities Exchange. ▪ Logical and prudent first step in delivering our Value Build strategy – providing access to The plan was put to a meeting of creditors growth opportunities in renewables and today by KordaMentha Restructuring partners creation of a renewable energy platform Richard Tucker and John Bumbak, who were ▪ High-quality, shovel-ready project – appointed Voluntary Administrators of 120MWDC/100MWAC solar farm in a strong Carnegie and a number of its subsidiaries on grid location 14 March 2019. ▪ Highly contracted revenue – ~95% contracted for the first five years and ~82% The plan, outlined in a Deed of Company contracted for the first 10 years; including 10- Arrangement (DOCA), provides for a year Power Purchase Agreement (PPA) with recapitalisation of the company, a restructure Westpac and 5-year, 7-year and 10-year PPAs of its balance sheet and a relisting over the with Flow Power next 3 to 4 months. The target for capital ▪ Construction and Operation – fixed price EPC raising is up to $5 million. contract with Beon Energy Solutions (Victoria Power Networks) Major shareholders and directors who ▪ Grid Connection – BOOM services for advanced cash to keep the company going connection to the transmission network for a before and after administration will swap 30-year term provided by TransGrid debt for equity, with some debt being ▪ Secure and flexible financing – construction restructured and carried over to the relisted funded through a combination of cash, company. Unsecured creditors can expect a existing corporate debt and equity. Prudent return of up to 10 cents in the dollar. capital structure to be maintained post- construction, with investment grade credit Mr Tucker said: “This is a significant step for rating expected to be maintained Carnegie as it strives to emerge from ▪ Value and yield accretive – attractive risk- Voluntary Administration in a well-capitalised adjusted returns delivering value creation to financial position, to continue its core Securityholders business of transforming the global renewable energy market through its world leading wave Spark Infrastructure announces that it has energy technology”. acquired a 100% interest in the 120MWDC/100MWAC Bomen Solar Farm Further updates will be provided during the (“Bomen”) from Renew Estate. process. Creditors should watch www.kordamentha.com for more information Bomen is strategically located in a strong grid and the KordaMentha report to creditors location, 10 kilometres north-east of Wagga presented at today’s meeting. Wagga in NSW close to TransGrid’s Wagga North substation where it will connect into Source: Carnegie Clean Energy TransGrid’s transmission network.

Construction is scheduled to commence in Q2 2019 with a total cost at completion expected of approximately $188 million1. Commercial operations are expected to commence in Q2 2020.

Page 7 (Click on relevant project links to go to online Project Database)

Strong alignment with investment strategy contractor. Bomen will connect into consistent with Spark Infrastructure’s existing TransGrid’s high-voltage transmission risk and return profile producing attractive network providing access to the National and accretive returns2. Electricity Market, with build, own, operate and maintain (BOOM) services for the grid Managing Director and Chief Executive connection provided by TransGrid (in which Officer, Rick Francis, said: “This is an exciting Spark Infrastructure has an ownership interest first step in delivering our Value Build of 15%) for a 30-year term. strategy. It is evidence of our commitment to invest in Australia’s renewable energy future Secure and flexible financing; prudent capital through 100% ownership of contracted structure to be maintained post-construction renewable generation, and adds to our Acquisition and construction costs are commitment to renewables through our expected to be initially funded from cash and existing electricity transmission and existing debt facilities, with a view to distribution businesses. Bomen has highly maintaining a prudent capital structure post- contracted cash flows and attractive risk- construction, with target bank debt funding adjusted returns which will exceed current for Bomen of 65-70%. Equity funding is regulatory returns. Whilst modest, it is a expected to be met through reactivating the logical and prudent first step in diversifying Distribution Reinvestment Plan (DRP) during our exposure to regulated assets and accesses the construction phase of the project. There is growth in adjacent essential service no change to FY2019 distribution guidance of infrastructure in line with our investment at least 15.0 cents per Security, as a result of strategy.” the acquisition or the 12-month construction phase of Bomen, subject to business Highly contracted revenue profile providing conditions. stable and predictable cash flows Bomen has long-term power purchase A first step in building a platform for further agreements (PPAs) in place with high-quality diversification and growth counterparties providing stable and Mr Rick Francis said: “The project is our first predictable cash flows for up to 10 years. On step towards our goal of building a business commencement of commercial operations, platform in adjacent essential service the plant will sell power and Large-Scale infrastructure focused on renewable energy. Renewable Generation Certificates (LGCs) under PPAs with Westpac for 10 years and “We are delighted to be working with with Flow Power for a range of contract Westpac and Flow Power, and alongside our tenures of 5, 7 and 10 years. businesses, Beon and TransGrid to deliver the next piece of Australia’s future energy This provides a strong and stable revenue infrastructure. We are also proud to be stream which is ~95% contracted for the first creating local jobs during Bomen’s five years and ~82% contracted for the first 10 construction and to be partnering with years. When operating, Bomen is expected to Westpac in supporting the local community generate average annual revenue of through education scholarships as well as approximately $13.5 million for the first five youth, recreation and biodiversity programs,” years3. Mr Francis added.

Partnering with Beon for construction 1. Includes purchase of land, construction Beon Energy Solutions (Beon), owned by costs, construction of dedicated transmission Victoria Power Networks (in which Spark line and capitalised interest during Infrastructure has an ownership interest of construction. 49%), has been appointed as engineering, procurement and construction (EPC)

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

2 Based on target debt funding on larger buildings and further supply completion/commencement of commercial agreements would be assessed to hit the 2025 operations. target. 3 Average annual revenue taking into account PPA agreements, loss factors and plant output Aside from its environmental benefits, Ms based on P50 forecasts Binding said the PPA would deliver “greater cost certainty for the bank’s NSW electricity Source: Spark Infrastructure cost base”, although she didn’t disclose the contract price.

Westpac has signed a power “It is economically the right thing for Westpac to do,” she says, noting that the current cost purchase agreement with the of renewable electricity is less than the proposed Bomen Solar Farm in current wholesale price of electricity.

NSW Against a background of sharply rising 17 April electricity prices, particularly since the closure Westpac has pledged to source 100 per cent of the Hazelwood coal-fired power plant in of its energy from renewable sources by 2025, Victoria in 2017, corporate Australia’s desire joining a growing band of big businesses for more certainty and lower energy prices moving away from traditional power sources has contributed to a sudden spurt in the amid the global push to a lower carbon corporate PPA market. Since taking off in economy. 2016, almost 30 PPAs have been signed – including those by Telstra and BlueScope – Under a power purchase agreement (PPA) supporting solar and wind projects with a unveiled today with Bomen Solar Farm – due combined capacity of nearly 3600MW, to be operational in the second half of 2020 according to carbon management consultancy on 250 hectares near Wagga Wagga in New Energetics. South Wales – the bank will source 63 gigawatt-hours of renewable electricity These have contributed to the recent surge in annually to power its operations globally. clean energy projects, despite ongoing commentary about the years of energy policy “One of the most exciting things about the uncertainty that flared up again last year with PPA is that we’re effectively underwriting the the collapse of the federal government’s development of a new solar energy facility,” National Energy Guarantee. says Ms Ceri Binding, head of energy and utilities in Westpac’s property team. “It will Ahead of a Federal Election where energy create incremental renewable energy policy and emissions targets are again a key capacity, generating enough electricity to issue, the Reserve Bank last month noted the power the equivalent of 36,000 homes, and dramatic shift in the renewables market in the employment opportunities in the local area.” past decade as “private actors” respond to market forces, labelling wind and solar “cost In simple terms, the PPA will see Westpac pay effective sources of generation” following the Bomen Solar Farm for an amount of “rapid decline” in the cost of renewables. renewable energy it will put into the grid, and the equivalent amount consumed by the bank “(This is) in part because of extensive will be recognised as having zero emissions. spending on research and development in renewable energy technology around the Ms Binding says the PPA would deliver 45 per world occurring both because of government cent of the bank’s 100 per cent clean energy policies and private actors anticipating the target by 2021 and a range of options transition to a lower carbon economy,” RBA including rooftop solar installations on its

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

Deputy Governor Guy Debelle noted in a is happening in the PPA market. Businesses speech that marked the Bank’s first ever are seeing the price, they're reacting to the extensive commentary on climate change. price and then other people are … solving that price problem for them,” he says. “As a result of the price decline, the investment cost-benefit analysis has changed Westpac’s declaration to become 100 per and continues to change quite rapidly.” cent renewable sees the bank join 171 other companies globally to have signed up to According to the Clean Energy Council, more RE100 – a global initiative launched in 2014 by than $20 billion was committed to around 80 The Climate Group in partnership with CDP to large scale wind and solar projects in 2018, bring together businesses that have made the double the value of the previous year, and same public commitment. Other Australian one in five Australians now have roof-top members include Atlassian, Bank Australia solar. It says this lifted renewables generation and Commonwealth Bank. to 21 per cent of Australia’s total power pool last year. The global head of RE100 Sam Kimmins says the growing number of Australian companies The proportion of renewables is likely to grow joining RE100 sends a powerful signal that over the coming decades as more of the businesses want an energy system fit to nation’s aging coal-fired power facilities like support a clean economy. AGL’s Liddell plant in NSW are closed and, “right now, the cheapest thing to replace “By setting a 100 per cent renewable them with are renewables”, says Westpac electricity target, companies leave no room institutional bank’s industry analyst Wayne for doubt,” he says. “They’re committed to Gagel. accelerate the clean energy transition. This is not just because it’s ‘the right thing to do’ – While this transition has significant but because the business case is already implications for the nation’s aging there. What businesses now need is long-term transmission system which was largely policy certainty that enables impactful designed to cater for coal, Mr Gagel says the renewable sourcing strategies.” emergence of the PPA market reflects a broader evolution underway in the retail The Bomen Solar Farm project, to be operated energy market. by listed utilities player Spark Infrastructure, will feature high-efficiency photovoltaic “What we are seeing is some new specialist modules expected to produce more than 240 retailers coming in, creating new business gigawatt-hours of renewable energy each year models where they will contract with – or enough to power the equivalent of all the renewable energy providers and then pass homes in the local Wagga Wagga region. that, plus the firming element, through to Westpac marks the project’s second PPA, businesses … to essentially make the benefits having signed up with FlowPower in December. more accessible to smaller scale businesses,” Mr Gagel says. Ms Binding says the bank chose the Bomen Solar Farm project and partnership with Spark While PPAs like Westpac’s make sense for Infrastructure as it ticked boxes not only in large energy users, Mr Gagel says not every regards electricity supply, but also social business is going to go down that route as outcomes for the local Wagga Wagga they can be complex to negotiate. community, including a community fund to develop student scholarships, youth facilities “Because we are going through change (in the and vegetation and habitat regeneration. energy market), the signal that screams the loudest first is always price… (and that’s) what Source: Westpac

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

Bomen Solar Farm acquired by The Member for Riverina and Deputy Prime Minister, Michael McCormack, congratulated Spark Infrastructure and signs Renew Estate on reaching the financial close PPA with Westpac milestone. 17 April Renew Estate today announces two key “It’s fantastic to see Wagga Wagga, and milestones have been reached for the 120 indeed the Riverina, selected as the site for megawatt (DC) Bomen Solar Farm project this exciting renewable energy venture.” located near Wagga Wagga, NSW. “It’s a great example of confidence in the - Spark Infrastructure acquires 100% of region and will be a shot in the arm for the Bomen Solar Farm and the construction local economy, creating some 250 jobs during contract awarded to Beon Energy Solutions peak construction and providing for $1 million - Bomen Solar Farm signs a Power Purchase in community benefits over a decade, Agreement (PPA) with Westpac. including STEM scholarships and environmental projects. Bomen Solar Farm has been acquired from Renew Estate by Spark Infrastructure, an ASX “And it demonstrates yet again that regional top 100 listed company and leading owner of Australia is at the leading edge of technology electricity network infrastructure in Australia. and capable of hosting big projects which The project will be constructed by Beon have state-wide and national benefits.” Energy Solutions, a leader in the deployment of largescale renewable energy and At full capacity Bomen Solar Farm will add in infrastructure projects, with extensive excess of 200GWh (gigawatt hours) of clean expertise in design, construction and energy into the national electricity grid with commissioning. commercial operations expected to commence from Q2 2020. Under the PPA, Westpac has committed to purchase just over a quarter of the solar Simon Currie, a Director of Renew Estate farm’s output under a 10-year agreement. commented “It is very exciting that the The supply agreement is the first step in Bomen Solar Farm has been chosen by assisting Westpac reach its commitment to Westpac for its first renewable energy PPA. source the equivalent of 100 per cent of its Spark Infrastructure’s acquisition coupled global electricity consumption through with Westpac’s offtake enables us to deliver renewable sources by 2025. Spark on our vision of developing the next Infrastructure and Westpac are partnering to generation of renewable energy projects in provide a comprehensive community benefit Australia. We are extremely proud of this package which includes $1m in support over project and are looking forward to seeing the term of the contract for STEM construction start on site.” scholarships, youth facilities, local biodiversity and vegetation regeneration projects. “Our vision has always been that Bomen Solar Farm should create a positive local legacy and Additionally, Bomen Solar Farm has an off- deliver tangible economic benefits; we are take arrangement in place with Flow Power, a delighted that Spark Infrastructure and leading business energy retailer in Australia, Westpac are fully on board with this vision to purchase a portion of the power that will and share our values.“ be generated by Bomen Solar Farm for up to 10 years. This will enable Flow Power to Mark Hogan Managing Director of WIRSOL deliver low-cost, reliable sustainable energy Energy, a major Shareholder of Renew Estate, to Australian business customers. said: “We are delighted to see Renew Estate reach two significant milestones for Bomen

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

Solar Farm which will see the project deliver greatly appreciate the opportunity to have affordable solar energy to a number of iconic provided the foundations for such an Australian businesses and homes throughout extraordinary renewable energy source. New South Wales. This project contributes to the ongoing development of Australia’s Source: Solar Pile International critical energy infrastructure and we are proud to be collaborating with companies such as Spark Infrastructure, Westpac and Solar start energises Darling Flow Power that are aligned with our clean energy mission.” Downs economy 18 April Source: Renew Estate Construction of the $125 million UQ Warwick Solar Farm is under way, bringing an injection of economic activity to the town and the Final delivery to the 175 MW Darling Downs region.

Finley Solar Farm project The project was officially launched on site 17 April today (Thursday 18 April) by Southern Downs Solar Pile International is proud to announce Regional Council (SDRC) Mayor Tracy Dobie that delivery of 63,715 W-Series, H-Beam piles and University of Queensland Vice-Chancellor for the 175 MW Finley Solar Farm has and President Professor Peter Høj. successfully been completed five days ahead of schedule. A total of 122 truck loads of piles Professor Høj said the event marked a were manufactured, shipped, and delivered significant milestone for UQ, which will on site between October, 2018 and April, become the world’s first major university to 2019. offset 100 per cent of its electricity use from its own renewable energy asset. All piles are de-containerised at port, checked, loaded, and repacked onto flatbed trucks for “At UQ, we are unashamedly committed to easy unloading on site. Packs are colour coded being a leader in sustainability and the for clear and safe identification to ensure the renewable energy sector,” Professor Høj said. right sizes are allocated to the correct location on site. Additionally, each delivery to site is “We are proud to become a part of the accompanied by full QA documentation. Southern Downs community through this project, and to help generate regional jobs in The 1,000 acre Finley Solar Farm was our home state. developed by ESCO Pacific through to financial close, now wholly owned by John “This will become a centrepiece of our Laing, a leading investor in renewable energy education and research into renewables, and projects in Australia. The farm features an the Southern Downs region can expect regular approximate 500,000 modules that produce visitors from UQ and further afield over the enough electricity to power 59,000 NSW 25-year life of the solar farm.” homes and remove 400,000 tonnes of carbon dioxide emissions from the environment More than 45 workers are already on site, annually. with the number expected to exceed 160 at the peak of construction. The Finley Solar Farm has been a tremendously smooth and thorough project Local suppliers involved in the early stages of to work on. We thank the entire team at the project have provided services ranging Signal Energy for their stellar effort from quarry material and cement to office throughout our portion of the project and we supplies and accommodation.

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

The UQ Warwick Solar Farm is scheduled to theatres, libraries and other facilities for its be completed late this year, and will employ 52,000 students and thousands of staff. about half a dozen staff – including a UQ facility manager – on an on-going basis. “Our solar farm will generate 160,000 megawatt hours of renewable energy each Cr Dobie said she was thrilled to see year, displacing carbon dioxide emissions Lendlease, UQ’s lead construction contractor, equivalent to taking almost 50,000 cars off working on the site. the road.

“UQ’s investment gives this renewables “This is what UQ’s mission ‘Leadership for a project the extra dimensions of education and better world’ is all about.” research – setting it apart from other solar farms being developed in regional Early site works began in February with site Queensland. offices completed, along with some earthworks, fencing and vegetation planting. “A memorandum of understanding includes plans for electric car charging stations by the Installation of support structures is under end of the year and a visitor information way, with work to fit panels expected to begin centre offering guided tours of the project, around mid-year. and this will help put the Southern Downs on the map as a future-focused region.” The 64 megawatt solar farm is expected to be generating power by early 2020. Professor Høj said UQ used a large amount of energy to power laboratories, lecture Source: University of Queensland

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