Project Updates Week ending 11 December 2020

Heads of Agreement with Edify Energy regarding solar power for TECH Project 7 December Highlights • Edify is developing a utility-scale solar and credentials of nickel and cobalt projects, with battery power station to supply electricity to a flowsheet that is zero liquids discharge and the Lansdown Eco-Industrial Precinct potentially zero solids discharge. By utilising • The use of solar power will further solar power, these sustainability credentials strengthen the sustainability credentials of will be further strengthened. the TECH Project • Edify is a market leading, Australian Edify CEO and Founder John Cole commented, renewable energy and storage company “Combining the latest in renewable energy generation and storage technology with Queensland Pacific Metals Ltd (ASX:QPM) sustainable and advanced techniques in (“QPM” or “the Company”) is pleased to battery metals processing is an exciting announce that it has entered into a Heads of venture for Edify. We look forward to working Agreement (“HoA”) with Edify Energy Pty Ltd with the QPM team to supply the TECH (“Edify”) to mutually support the Project with clean energy from the Majors development of each parties’ respective Creek Solar Power Station.” project and to ultimately enter into a power purchase agreement (PPA) under competitive Chief Executive Officer, Stephen Grocott network and electricity tariff conditions. commented, “QPM working with Edify, will help facilitate the supply of electricity from Edify is a market leading, Australian the Solar Generation and Network Assets to renewable energy and storage company with our TECH Project, as part of a broader supply a diverse and rapidly expanding portfolio of to the Lansdown Industrial Precinct. assets. Edify has delivered in the order of $1.5bn of investment to create large-scale This will further reduce the already low sustainable energy and storage infrastructure. greenhouse gas intensity of battery chemical Edify is developing a utility-scale solar and production from the TECH project, a battery power station and associated network characteristic that is becoming increasingly assets that will be able to supply electricity to important in attracting battery feedstock the Lansdown Eco-Industrial Precinct project funding.” (“Lansdown”). Source: Queensland Pacific Minerals The sustainability credentials of raw material supply is a key consideration of leading western companies who use batteries in their products. QPM is already positioning the TECH Project to have the best sustainability

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APA makes first hybrid energy Rob Wheals, APA’s CEO and Managing Director said, “This new Gruyere battery microgrid investment storage and microgrid project is an exciting 8 December first for APA, demonstrating our ability to Leading Australian energy infrastructure respond to the needs of our customers with business, APA Group (ASX: APA) today world-class energy solutions. announced a two phased power expansion agreement with existing customer, Gruyere “This project builds on our existing energy Gold Mine in Western Australia, which will infrastructure footprint in the remote mining increase total installed capacity by 45% from region of the northern Goldfields and will 45MW to 64MW. enable Gruyere JV to continue to unlock the potential of the Gruyere Gold Mine, while The agreement includes the creation of the maintaining energy supply reliability through Gruyere Hybrid Energy Microgrid (Gruyere a sustainable power solution for the mine site Microgrid) - APA’s first hybrid energy operations. microgrid investment. Total capital expenditure for all expansion works will be “Consistent with our purpose to strengthen approximately $38 million1. communities through responsible energy, we are delighted to be working with the Gruyere In the first phase of works, APA will expand JV on this innovative energy solution.” the Gruyere Power Station with the installation of a twelfth reciprocating gas-fired When completed, APA will provide renewable engine. Work is currently underway on this energy supported by battery storage, expansion, which is expected to be underpinned by the reliability of gas-fired commissioned in mid-2021. power to the Gruyere Gold Mine. Gas will continue to be supplied on a take-or-pay basis In the second phase, APA will build, own and by APA’s interconnected gas pipeline network. operate a 13MWp solar farm backed-up by a 4.4MW/4.4MWh battery energy storage The Gruyere Power Station expansion system. APA’s microgrid will utilise a hybrid complements APA’s recent announcement of control system that combines cloud and the soon to be constructed Northern Gas weather forecasting, battery control and the Interconnect (NGI) pipeline that will create a existing reciprocating engine control systems WA Gas Grid which includes 2,690 kms of APA to optimise efficiency and maximise the use of interconnected pipelines running north to renewable generation. The Gruyere Microgrid south and west to east across the state. The is expected to be commissioned in Q4 2021. ability to flexibly and seamlessly move gas around Western Australian from multiple gas The overall blended carbon intensity of power supply basins will give customers increased supply to the Gruyere Gold Mine will be gas supply options and security of supply. The approximately 10% lower with the microgrid WA Gas Grid will stimulate significant expansion, combining energy security with economic development in Western Australia emissions reduction. through new mining investments and thousands of jobs. The Gruyere Gold Mine is a 50:50 joint venture between the ASX listed Gold Road 1 Includes capitalised interest. Resources Ltd (ASX: GOR) and Gruyere Mining Company Pty Ltd, a member of the global Source: APA Gold Fields group (together, "Gruyere JV"), and is an existing customer of APA for both gas transportation and gas power generation.

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AER reminds market Hydrogen Park achieves South participants to prepare for Australia's first renewable summer hydrogen production 8 December 7 December The Australian Energy Regulator (AER) A pioneering renewable gas production reminds market participants of the facility being developed in Adelaide at importance of being ready for summer by Hydrogen Park South Australia (HyP SA) has preparing against our National Electricity recently celebrated a significant milestone, Market (NEM) Summer Readiness compliance with first production of renewable hydrogen bulletin and checklist. taking place during commissioning of its key component, a 1.25 MW electrolyser. Project Key actions market participants should focus developer, Australian Gas Networks (AGN) - on over the summer period include to: part of Australian Gas Infrastructure Group - Provide accurate and timely information to (AGIG) - has welcomed this as both AGIG and the Australian Energy Market Operator South Australia's first ever production of (AEMO) and updating this when submitted renewable hydrogen, in line with their aligned information changes; vision to develop this exciting future industry. - Review contact details for the person nominated to receive operational instructions Construction at the A$11.4m plant at the from AEMO and updating these as required; Tonsley Innovation District, which attracted a - Maintain situational awareness at all times A$4.9m grant from the South Australian to proactively identify potential risks ahead of Government’s Renewable Technology Fund, time and to detect unexpected issues when has been underway since late 2019 marked by they occur; and a ground breaking ceremony attended by the - Monitor the external environment as well as Premier of South Australia the Hon Steven interrogating internal operations to maintain Marshall MP. awareness of factors such as plant settings. AGIG’s Chief Executive Officer, Ben Wilson, We expect participants to understand their said today that the milestone is particularly obligations under the National Electricity commended noting the significant efforts of Rules and put in place robust systems and all key stakeholders to progress works at site processes to achieve compliance. We despite the challenges to travel and supply encourage participants to check their chains presented by COVID-19. practices against our NEM Summer Readiness compliance bulletin. “The safe achievement of renewable hydrogen production during commissioning Where participants become aware of any on site despite a sustained period of issues which may impact on plant challenges during COVID-19 is a visible performance or operations, these should be measure of our Group's commitment to to promptly communicated both within the investing in the long-term interests of our business and to AEMO. customers and the environment," said Mr Wilson. The NEM Summer Readiness compliance bulletin outlines the AER’s expectations for “I'd like to thank all of our partners for doing complying with a number of critical everything possible to ensure continued obligations under the National Electricity project development on site, including the Rules while the checklist sets out tasks that installation and commissioning of the Siemens may assist participants to achieve compliance. 1.25MW electrolyser by local, interstate and overseas staff". Source: AER

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"In consultation with our partners, the South Manilla Solar Farm gets the Australian Government, construction lead Valmec, and electrolyser supplier Siemens, green light from Council the challenges of COVID-19 during 8 December commissioning, with technical staff from In the NSW town of Manilla, local community overseas and interstate has pushed back our group – Manilla Community Renewable schedule and we have made the decision to Energy Inc, (MCRE) in partnership with pause the final stages of commissioning until Providence Asset Group, (PAG) a leading after the Christmas season. This would allow Australian investor in renewable and clean those personnel to take time and meet any energy projects, are celebrating the recent mandatory quarantine requirements to travel approval of the Development Application (DA) back home". to begin construction of 4.95MW solar farm in early 2021. “This decision means we have reforecast our aim to deliver Australia's first renewable gas The Manilla Community Renewable Energy blend to households from 2020 to the first Inc. group’s president Emma Stilts is quoted; quarter of 2021 and we look forward to “After such a trying year, this is such welcome resuming the final stages of commissioning in news. This project is what our community early 2021". needs. Local investment in renewable energy infrastructure. This project is an example of Once operational, more than 700 residences energy transition that future-proofs regional in parts of the Adelaide suburb of Mitchell NSW and shares the benefits with local Park will be the first recipients of the plant's people” blended 5% renewable gas. Providence Asset Group Chief Technology AGIG has already announced plans for a Officer, Llewellyn Owens, said the Manilla similar plant in Gladstone, Queensland; is Solar Farm was the groups signature project developing detailed plans to introduce of its 28-site portfolio of community solar hydrogen into gas networks in both Victoria initiatives to be rolled out across regional and South Australia through the Australian NSW. Hydrogen Centre; and has Western Australian Government backing to assess how hydrogen “We are thrilled our Manilla solar project has can be introduced into the AGIG-operated been approved by Tamworth Regional Council Dampier to Bunbury natural gas pipeline in and the Regional Planning Panel and it’s great Western Australia. to see this project moving in the right direction. Our team has worked hard to Source: AGIG ensure that any concerns raised by community members and Council were addressed and the positive result now means we can begin construction early next year” PROJECT NEWS Llewellyn said. Adelaide University – Roseworthy Solar “These projects are designed to benefit local communities with the offering of cheaper, An application was submitted for an electricity greener electricity, local economic generation licence to operate the University development”. of Adelaide’s 1.625 megavolt ampere solar and battery generating plant with a total The project is an example of how community export capacity of 1.46 megawatt, located at and business can work together for mutual Roseworthy Campus, Roseworthy. benefit. In 2019 MCRE joined forces with Providence Asset Group to deliver the Manilla Solar Project. Earlier this year, the project was

Page 4 (Click on relevant project links to go to online Project Database) successful in receiving a $3.5 million grant Vysus Group helps to bring one from the NSW Government’s Regional Community Energy Fund. Along with the solar of Australia's largest solar farm, the grant will support the second stage farms onto the electricity grid hydrogen energy storage component of this Specialist energy consultancy Vysus Group is project. approaching a new phase of work with global solar developer Belectric Australia, which will The construction process will provide local ultimately bring one of Australia's largest solar employment and supply opportunities farms onto the grid. through an application and tender process. Vysus Group, formerly Lloyd's Register (LR) MCRE President, Emma Stilts, agreed it was an Energy, was awarded the contract by Belectric exciting milestone for the project to have the Australia to support the registration and DA approved and breaking ground in early commissioning stage of the RWE Renewables- 2021 will be great for the community to see owned Limondale Solar Farm project, located the project start to take shape. in New South Wales (NSW), Australia. The project is expected to reach full commercial “We are encouraging community members operations date by the first quarter of 2021, and business to prepare to invest in the allowing the plant to export its full 249MW AC project. Investment in the Manilla to the grid, ensuring affordable, secure and Renewables Co-Op will open in early 2021. reliable energy to Australian consumers. This project offers local people a chance to be part the solution – supporting low carbon To date, the contract has seen Vysus Group energy production that sells cheaper power to complete grid connection studies to support local people. It also provides a fair return on the plant's registration, which consists of investment and shares broad economic Limondale 1 (220MW AC) and 2 (29MW AC). returns.’ AEMO granted the registration for Limondale 2 in December 2019, and the registration of MCRE is also excited to announce Renewable Limondale 1 followed in June 2020. Further Manilla, a three day event to be held in support includes compliance testing with key October 2021. “A festival of ideas and analysis, assessments and interfacing with creation around renewable energy, art, RWE Renewables Australia, Belectric Australia technology and sustainability. It is a chance and the Australian Energy Market Operator for us to showcase the beautiful township of (AEMO) to ensure full compliance. Manilla, whose dreams of a brighter future are becoming a reality and we want to inspire The project is situated within the West other communities to do the same” Emma Murray Zone covering Victoria and NSW, said. which is considered a weak area of the Australian grid. Coupled with the stringent Providence Asset Group has also recently requirements placed by grid operators, this celebrated other DA approvals for similar has resulted in many other solar farms in the projects including the Guyra Solar Farm within region finding it challenging to connect to the the Armidale Regional Council as well as their grid. Finley project within the Berrigan Shire Council in the Riverina. Llewellyn said “We Peter Veljkovic, Head of Operations at RWE hoped to be able to deliver even more great Renewables Australia, said: "This is a news to our investors and the communities in significant project for Australia and in working which our projects are located with more DA with Vysus Group we've been able to reach approvals in the coming months.” critical milestones in the project."

Source: Providence Asset Group

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Over the last decade, the grid connection Genex achieves first team at Vysus Group, have helped clients connect utility scale solar farms, wind farms energisation of Jemalong Solar and batteries to the grid worldwide, ranging Project in size from 25MW up to 1200MW; 9 December supporting the development of over 11GW Genex Power Limited (ASX:GNX) (“Genex” or renewable energy projects which is “Company”) is pleased to announce that it has approximately 33% of Australia's total energy successfully achieved transformer demand. energisation (“Energisation”) of the Jemalong Solar Project (“JSP” or the “Project”) located Mark Andrews, Head of Renewables – Asia- near Forbes in central NSW. This milestone Pac, at Vysus Group, said: "The West Murray follows the successful installation of all the zone presents challenging connectivity issues solar panels at the Project. and complex regulatory considerations. We've been able to provide confidence to RWE Energisation of the 50MW JSP is a significant Renewables Australia and Belectric Australia milestone for the Company, delivering the through our extensive experience in clean second generating asset into the Genex energy projects, helping them overcome renewable energy portfolio. JSP, along with hurdles and ensuring costly delays to the 50MW Kidston Stage 1 Solar Project will generation are prevented. provide a combined 267,000MWh of clean energy per annum, offsetting approximately "The registration of the Limondale solar farm ~250,000t of CO2, producing enough energy highlights Australia's commitment and to power ~41,660 households. When fully capability for a low carbon energy future. operational the JSP has the potential to There is a growing coalition of solar farm double the Company’s existing revenue operators, energy developers and technical profile. experts in Australia suggesting that the country has a comparative advantage in good The Project’s Energisation follows its solar resources, which could drive a large successful registration by the Australian industry supplying both domestic and Energy Market Operator (“AEMO”) as a offshore customers. Market Generator, which signals the completion of all technical and regulatory "We are looking forward to continuing to processes to enable the Project to export work with Belectric Australia and RWE electricity into the National Electricity Market Renewables Australia on the next phase of the (“NEM”). project as we work in partnership to bring one of Australia's largest solar farms onto the Electricity generated by the Project will grid." initially be exported to the NEM on a merchant basis, with the Company receiving Source: Vysus Group the spot price for electricity in addition to revenue from the sale of Large-Scale Generation Certificates.

The JSP delivers geographic diversification to Genex’s renewable energy and storage portfolio. Coupled with the operating 50MW Kidston Solar Project, the Company’s development of the 250MW Kidston Pumped Hydro Project, the 50MW/75MWh Bouldercombe Battery Project and the recently announced joint development with J-

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POWER for the Kidston Wind Project, the JSP Non-binding Indicative advances Genex towards its goal of being Australia’s leading listed renewable energy Approach for IFT Shares generation and storage company. 9 December The Board of Infratil Limited (IFT) has become Commenting on this significant milestone, aware that AustralianSuper Pty Ltd, as trustee Genex’s CEO, James Harding stated: of AustralianSuper, (AustralianSuper) has “Energisation of the Jemalong Solar Project is publicly announced its interest in acquiring a significant milestone for the Company and 100% of IFT. further demonstrates our ability to deliver on large-scale projects. The Project, once fully The Board confirms that it received an initial operational, is capable of producing up to non-binding, incomplete, indicative and 128,700MWh of energy per annum, confidential offer from AustralianSuper to generating enough electricity to power more acquire IFT via a scheme of arrangement on than 23,000 Australian homes and offsetting 18 October 2020 for cash consideration of ~106,500t of CO2. The Project is expected to NZ$4.69 and an in-specie distribution of be fully operational in Q1 CY2021. 0.2210 Trustpower Limited shares. This implied a total offer value of NZ$6.40 per IFT The project will operate initially on a share. That offer was subsequently revised on merchant basis, taking advantage of the 27 November 2020 to increase the cash relatively strong daytime electricity prices in consideration to NZ$5.79. The revised New South Wales with the average electricity proposal confirmed by AustralianSuper price in November 2020 sitting around yesterday implies a total offer value of $62/MWh. Project revenues will also be NZ$7.43 per IFT share, based on a NZ$7.43 collected from the sale of Large-Scale closing price per Trustpower share as at 8 Generation Certificates which attracted an December 2020 (Proposal). This Proposal average sale price of approximately $30 each represents a 22.2% premium to the 8 in November. December 2020 IFT closing price.

I would like to take this opportunity to thank The Board engaged expert legal the project delivery team, especially our (MinterEllisonRuddWatts) and financial nominated EPC Contractor Beon, who have advisors (Goldman Sachs) and formed a displayed outstanding professionalism and Committee of Independent Directors in determination to develop the project during October to assist in its assessment of the these uncertain times. Despite the effects of proposals. The Board reviewed valuation and the COVID-19 pandemic, the project has the proposed structure and unanimously experienced no significant delays and is being rejected both proposals as materially delivered within budget.” undervaluing IFT’s high quality and unique portfolio of assets on a control basis. The Source: Genex Power Board also notes material conditions related to Foreign Investment Review Board and Overseas Investment Office approvals in Australia and New Zealand and considers that there are other aspects of the proposal that are unattractive to IFT shareholders, including distributing Trustpower Limited shares without recognising a control premium and avoiding the need to make a takeover offer for that business.

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The IFT Board will consider any proposal to - ~6% decrease in operating costs of A$32/t maximise shareholder value, but given the ore mined significant deficiencies in the Proposal, no - Ore Reserve tonnes of 253 Mt (100% further engagement is planned at this time. Probable) at 0.35% Cu and 0.32% Ni3 - Off-grid renewable power solution The Chairman of IFT, Mark Tume, said: “The confirmed; focus on developing a roadmap to Board regularly assesses portfolio 100% renewable generation construction and return expectations. We - $67 million committed to progress the study have had a long and successful track record as ahead of final investment decision expected in active managers of the Infratil platform, and 2022, subject to regulatory and other recent examples include the ongoing success approvals of CDC Data Centres, the proposed acquisition of Qscan and the strategic review of Tilt Power Supply Renewables. As at 8 December 2020, Infratil The 50 MW power supply (with a Build-Own- had delivered total shareholder returns of Operate-Maintain (BOOM) capital estimate of 18% per annum since listing in 1994 and has a circa A$275 million) proposed in the PFS, stated annual targeted return for our utilising a hybrid solar-wind-battery-diesel shareholders of 11%-15% over the long term”. solution, continues to be the base case for the PFSU. The base case continues to assume a IFT Chief Executive, Marko Bogoievski, said: Power Purchase Agreement which is included “Both proposals were unsolicited and in operating costs and therefore not in the materially undervalue our significant capital estimate. The final ownership renewable energy and digital infrastructure structure for the power assets will continue to platforms. We expect some of the additional be assessed during the next phase of project. value to be demonstrated in the near term with the recently announced strategic review Modelling has demonstrated that circa 70– of Tilt Renewables, which will continue, and 80% renewables penetration can be achieved ongoing appreciation of the value of CDC Data for the site, with the current modelled to be Centres”. an optimised mix of wind, solar and diesel supported by a battery installation. There Source: Infratil remains considerable upside in power cost through matching plant power demand with the availability of renewable supply (load scheduling), haulage electrification to West Musgrave value and maximise the proportion of renewable energy utilised and the continued improvement in scale uplift in Pre-Feasibility the efficiency of renewable energy solutions. Study Update Should the renewables option be 9 December implemented, this innovative power supply (Excerpt) solution would make West Musgrave one of - ~25% increase in project Net Present Value the largest fully off-grid, renewable powered to ~A$1 billion, with IRR of ~20% (post-tax)1 mines in the world. The solution would result on minimal capital increase in the avoidance of in excess of 220,000 tpa of - ~A$4.5 billion undiscounted cashflow carbon dioxide emission compared to a fully generated over life of mine diesel-powered operation. - Processing plant throughput uplift from 10

Mtpa to 12 Mtpa on increased grinding Source: OZ Minerals capacity

- ~15% increase in average annual production to ~32,000 tpa copper and of ~20% to ~26,000 tpa nickel in concentrates2

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Genesis commits to aggressive generation with reliable and affordable renewable electricity to support the country’s 1.5°C science-based emissions transition to a low carbon future. targets 9 December To deliver on that, Genesis is aiming to secure Genesis has committed to removing at least 2,650 GWh per annum of renewable 1.2m tonnes of annual carbon emissions over electricity generation by 2030, with the the next five years tied to an international majority before 2025. The first step toward benchmark of limiting global warming to that happened late last month when Genesis below 1.5°C by 2025. took the first electricity from the Waipipi windfarm in South Taranaki, the first From a 2020 base, Genesis is aiming to reduce windfarm built here since 2014. When fully generation emissions by more than 36% operational toward the end of next quarter, it (scope 1 and 2) and emissions from the use of will deliver 433 GWh of zero emissions products it sells by more than 21% (scope 3). electricity annually. This is enough clean These targets will result in total carbon energy to save up to 250,000 tonnes of reductions (Scope 1, 2 and 3) of at least 1.2m carbon, equivalent to removing approximately tonnes per annum, with an ambition to 55,000 petrol cars from New Zealand roads. remove more than that. The 1.2m tonnes is equal to removing more than 272,000 petrol “Our Future-gen strategy will ensure NZ’s cars from the road for one year. electricity system moves from the current 84% renewable to well over 90%,” Mr England The plans have been verified by the said. “However, rather than rush to 100% internationally recognised Science Based Renewable Electricity at an extremely high Targets initiative* (SBTi). cost, we see an even bigger opportunity for our low carbon electricity system to Outside of Europe, Genesis is the only decarbonise other sectors of the economy, in electricity generator and retailer to tie targets particular, the energy used in transport, to 1.5°C with the SBTi. manufacturing and industrial processes, which are carbon intensive.” Chief Executive, Marc England, said removing the amount of carbon aligned to the 1.5°C “As the country considers a path to being zero benchmark instead of one linked to 2°C is a carbon by 2050 it is critical to think about the significant challenge for the business. whole energy mix, not just electricity. Already, 84% of the electricity produced in New “Signing up to a science-based target will help Zealand is from renewable sources and set priorities, focus our thinking, planning and growing. Understanding the drive innovation from generation through to interdependencies between sectors, applying how our customers manage and use their systems thinking and not operating in silos are energy,” Mr England said. “Genesis has always all important to the country transitioning to a played a role backing up New Zealand’s highly low carbon future.” renewable electricity system, however, we can and will do more to remove emissions Source: Genesis Energy from baseload thermal generation, while still ensuring the system is backed up in times of low lakes or no wind.”

The largest energy retailer in the country, Genesis has refreshed its strategy in line with the commitments. The goal is to economically displace baseload thermal electricity

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Addressing climate change and - Measure greenhouse gas emissions of all portfolio companies accelerating the low carbon - Identify pathways to reduce emissions transition - Develop business plans that contribute to a 9 December net zero economy by 2040, or sooner - Macquarie Asset Management (MAM) - For new investments, target completion of announces plan to manage its portfolio in line these steps within 24 months of acquisition with net zero emissions by 2040. - Work with our portfolio companies with the - MAM is already measuring GHG emissions at aim that they will be meeting their Paris- its private portfolio companies and will aligned/net zero emissions reduction identify pathways to reduce emissions and pathways by 2030 work with each company to produce Paris- - Report on our progress annually aligned business plans by the end of 2022. In MAM’s managed portfolios of public Macquarie Group is supporting the transition securities, and alternative investments where to a low carbon economy by progressing a MAM does not have significant influence, we range of solutions to mitigate climate change will support the goals of the Paris Agreement and adapt to its effects. At the fifth in a manner consistent with our client-guided anniversary of the Paris Agreement, fiduciary and regulatory responsibilities. Macquarie Asset Management, a top 50 global asset manager and the world’s largest This detailed commitment by MAM manager of infrastructure, has announced a complements extensive activity across commitment to manage its portfolio in line Macquarie Group in developing and managing with net zero emissions by 2040. renewable energy projects, helping clients on their decarbonisation pathways, and adapting In a letter to investors, Martin Stanley, head infrastructure for climate resilience. of Macquarie Asset Management, set out the vision and actions that will shape how MAM As part of the Group’s wider capabilities, achieves its ambition to be the global leader Macquarie’s Green Investment Group (GIG) is in sustainable real asset management. a leading global developer and investor in renewable energy projects with a mission to Martin Stanley said: “As long-term investors in accelerate the global green transition. GIG is companies that underpin economies and working across 25 markets to help companies communities, we take our responsibility to and countries achieve their decarbonisation address climate risks seriously. As stewards of objectives. GIG has already invested or these vital businesses, we have a duty to arranged over $A36 billion in green energy ensure they play their part in global efforts to projects, provided clients with power address our warming planet. Today we are purchase agreements for over 3GW of announcing a range of commitments that will renewable energy capacity, and is developing reduce emissions across our portfolio and a 30GW global pipeline of new projects. build sustainable long-term value for the benefit of our portfolio companies, our clients Over the past ten years Macquarie Group has and the communities in which we operate.” invested over $A60 billion in renewable energy projects, while also operating on a In alternative investment portfolios where carbon neutral basis. Macquarie is currently MAM exercises control or significant influence developing, constructing, investing in and over the underlying investments, our goal is managing over 50GW of renewable energy to have Paris-aligned/net zero business plans projects across four continents and in place by the end of 2022. This commitment supporting governments and clients to realise has several steps, which are already their decarbonisation ambitions across broad underway: sectors of the economy, including energy,

Page 10 (Click on relevant project links to go to online Project Database) agriculture, transportation, waste, industrial Wind turbine installation emissions and real estate. complete at Stockyard Hill Macquarie supports a number of international Wind Farm initiatives including the Global Center on 10 December Adaptation, the Climate Finance Leadership Goldwind Australia today announced a major Initiative, the Taskforce on Scaling Voluntary project milestone with the completion of Carbon Offsets, and the Sustainable Markets installation of all 149 wind turbines at Initiative. Macquarie Group has been Stockyard Hill Wind Farm, located 35 reporting according to the Task Force on kilometres west of Ballarat in Victoria. Climate-related Financial Disclosures since 2019. Goldwind Australia’s Managing Director, Mr John Titchen said this was a significant event As part of Macquarie’s ongoing work to for the 530 MW project that once operational, understand transition risks under various will power more than 425,000 Victorian decarbonisation scenarios, it noted in its July homes. 2020 TCFD report that Macquarie’s limited lending exposures to the coal sector will run “Completing the installation of wind turbines off over the next few years. MAM’s at Stockyard Hill Wind Farm marks an Macquarie Infrastructure and Real Assets important milestone achieved,” said Mr (MIRA) business has also restricted Titchen. investments in businesses with exposure to coal. The Stockyard Hill Farm is a joint project between Goldwind Australia and Nebras Source: Macquarie Group Power, an international power investment company based in Qatar. Since construction commenced on the project in 2018, 149 wind PROJECT NEWS turbines were installed, approximately 110 Suntop Solar Farm kilometres of access track was constructed, Bouygues Construction Australia was awarded about 130 kilometres of underground cabling Suntop solar farm contract by Canadian Solar was laid, a 75 kilometre 132 kV multi-duplex Inc., and work has started on site. powerline was installed, three on-site substations were completed, and a major The 450-hectares project, located west of terminal station near Lismore was built. New South Wales, will count 440 000 solar panels and produce 190MWp (150MWac). “We are excited to be witnessing the realization of our hard work and planning. The single-axis tracking innovation will allow Stockyard Hill is a monumental project that the panels to track the sun’s movement east will be instrumental in providing sustainable to west each day. energy to residences throughout the region,” said Khalid M. Jolo, CEO of Nebras Power. The project will also create economic benefits to the local region through local employment Goldwind along with Nebras Power extended opportunities. At peak activity, the site will their gratitude to all of those involved in welcome up to 400 workers. bringing the Stockyard Hill Wind Farm to this stage, including host landowners, local Well done to all and looking forward to seeing landowners, neighbours and community the first panels! partners, as well as the contractors who worked on the project, many of whom are Source: Bouygues Construction Australia local Victorians.

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Stockyard Hill Wind Farm currently employs a “It is our honor to work with Meridian Energy team of maintenance staff which is expected Australia” said Inna Braverman, Founder and to grow to 25 permanent maintenance staff CEO of Eco Wave Power. “Meridian is once the wind farm is operational. demonstrating significant leadership by only generating electricity from renewable energy Final commissioning and project completion sources. We believe that this collaboration activities will continue into early 2021. with Meridian, a global leader in renewable energy, is another significant step in the Source: Goldwind Australia commercialization of wave energy”.

Source: Eco Wave Power

Eco Wave Power signs

Collaboration Agreement with Amazon becomes world’s Meridian Energy Australia largest corporate purchaser of 10 December Today, Eco Wave Power (EWPG HOLDING AB, renewable energy Stock Symbol: ECOWVE) is pleased to 10 December announce the signing of a collaboration Amazon (NASDAQ: AMZN) today announced agreement with Meridian Energy Australia Pty 26 new utility-scale wind and solar energy Ltd. Meridian Energy Australia (MEA) is a projects totaling 3.4 gigawatts (GW) of wholly owned subsidiary of Australasia’s electricity production capacity, bringing its largest renewable energy generator Meridian total investment in renewable energy in 2020 Energy Limited. to 35 projects and more than 4 GW of capacity — the largest corporate investment The purpose of the collaboration is for the in renewable energy in a single year. These parties to jointly investigate the development new projects will make Amazon the largest- of commercial wave energy power projects in ever corporate purchaser of renewable the Australian National Electricity Market energy. (NEM).Eco Wave Power will recognize MEA as a supporting partner, lead the investigation Amazon has now invested in 6.5 GW of wind into the application of wave energy in and solar projects that will enable the Australia and identify opportunities for the company to supply its operations with more application of the Eco Wave Power than 18 million megawatt hours (MWh) of Background IP. renewable energy annually. This is enough to power 1.7 million U.S. homes for one year. Jason Stein, CEO of Meridian Energy Australia These projects will supply renewable energy said: “Meridian proudly generates only from for Amazon’s corporate offices, fulfillment 100% renewable sources in Australia. Our centers, and Amazon Web Services (AWS) current generation assets are wind and hydro, data centers that support millions of so by entering this collaboration we are customers globally. They will also help excited to investigate the potential of wave advance Amazon’s goal to reach net-zero energy in Australia. We believe that carbon emissions across its business by 2040. renewable energy is the only way forward and Part of that commitment is powering are always looking at ways to diversify and Amazon’s infrastructure with 100% renewable grow our renewable energy portfolio in energy, and the company is now on a path to Australia.” achieve this milestone by 2025, five years ahead of the initial 2030 target.

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“Amazon is helping fight climate change by With an impressive 35 major new renewable moving quickly to power our businesses with projects in 2020, Amazon deserves renewable energy,” said Jeff Bezos, Amazon tremendous credit for its leadership in the founder and CEO. “With a total of 127 solar global shift to renewable energy. Procuring and wind projects, Amazon is now the biggest more than 4,000 MW of new renewable corporate buyer of renewable energy ever. power in a single year is an incredible We are on a path to running 100% of our achievement, and it marks big progress business on renewable energy by 2025 — five toward Amazon’s goal of being powered by years ahead of our original target of 2030. 100% renewable power. We are immensely This is just one of the many steps we’re taking grateful to Amazon for their efforts to help us that will help us meet our Climate Pledge. I stay within shouting distance of the couldn’t be more proud of all the teams greenhouse gas emission reductions scientists across Amazon that continue to work hard, say are needed to avoid the worst impacts of smart, and fast to get these projects up and climate change,” said Gregory Wetstone, running.” President and CEO, American Council on Renewable Energy (ACORE). The 26 new wind and solar projects announced today are located in Australia, Last year, Amazon and Global Optimism co- France, Germany, Italy, South Africa, Sweden, founded The Climate Pledge, a commitment the U.K., and the U.S. The new projects are to reach the Paris Agreement 10 years early Amazon’s first in France, Germany, Italy, and and be net-zero carbon by 2040. The pledge South Africa. In the U.S., Amazon has now now has 31 signatories, including Unilever, enabled wind and solar projects in California, Verizon, Siemens, Microsoft, and Best Buy. To Delaware, Illinois, Indiana, Kansas, Kentucky, reach its goal, Amazon will continue to reduce Nebraska, North Carolina, Ohio, Texas, and emissions across its operations by establishing Virginia. Amazon has a total of 127 renewable a path to power its operations with 100% energy projects globally, including 59 utility- renewable energy, five years ahead of the scale wind and solar renewable energy company’s initial target of 2030; delivering its projects and 68 solar rooftops on fulfillment Shipment Zero vision to make all shipments centers and sort centers around the globe. net-zero carbon, with 50% net-zero carbon by 2030; and purchasing 100,000 electric “Private sector investment is essential to delivery vehicles, the largest order ever of scaling renewable energy at the pace electric delivery vehicles. For more necessary to drive global climate action,” said information, visit Miranda Ballentine, CEO of Renewable Energy https://sustainability.aboutamazon.com/. Buyers Alliance (REBA). “The U.S.-based projects alone make Amazon’s announcement NOTE: Amazon signed a PPA for supply from 270% larger than the largest corporate Global Power Generation’s approved 96.6 MW procurement announcement from a single Hawkesdale Solar Farm in Victoria. off-taker to date, and showcase the company’s leadership and commitment to a Source: Amazon Web Services clean and prosperous energy future.”

“On behalf of the renewable sector, we applaud Amazon for its unprecedented contribution to the renewable energy transition this year.

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ABB synchronous condensers inertia essential to maintain a stable voltage. They support the connection to TransGrid’s manage smooth grid high voltage transmission network by integration for one of providing reactive power compensation and additional short circuit power capacity. Australia’s largest solar farms 10 December A key benefit of the synchronous condensers Two ABB synchronous condensers have been is their ability to contribute to short circuit installed as an integral part of the Darlington capacity in weak networks so that the Point Solar Farm. The technology will enhance network can easily ride through any fault the stability of the local power grid as the conditions and avoid loss of power in the penetration of renewable energy increases in region. At Darlington Point Solar Farm, the a critical area of New South Wales. units are crucial in helping to strengthen the power grid in a part of New South Wales ABB synchronous condensers are enabling the where it is challenging for new projects to new Darlington Point Solar Farm in New South meet the stringent connection requirements. Wales to feed a large amount of clean electricity into the local power network while Mike Briggs, Business Line Manager for ABB maintaining grid stability and reliability. The Motion in Australia said, “we’re proud to be 275 MW (AC), 333 MW (DC) solar photovoltaic supplying our synchronous condenser units (PV) farm commenced operation in August for the Darlington Point Solar Farm project. 2020. With a projected annual output of They will add system strength to the power 685,000 MWh it is currently the largest solar grid, helping to manage the ongoing farm connected to Australia’s grid. integration of renewable energy generation. It’s a complete synergy with ABB’s mission to Octopus Investments partnered with solar support a sustainable future.” developer, Edify Energy to build the solar farm and see it as an important step in transitioning Source: ABB the country’s electricity sector from coal and gas fired power stations to renewable energy. The solar farm features nearly one million solar panels spread over 1,000 hectares. It will Latrobe Valley Energy and provide clean electricity for around 115,000 Growth Program homes, saving up to 583,000 tonnes of - $1 - $1,000,000 greenhouse gas emissions per year. - Businesses, not-for-profit groups - Open, closing in 49 days “Solar farms of this scale will become increasingly essential for the expansion of The Latrobe Valley Energy and Growth renewable energy in Australia,” said Sam Program makes available $3 million in grants to Reynolds, Octopus Investments Australia fund both industry and community-led projects Managing Director. “This comes with the across the Local Government Areas of Latrobe challenge of ensuring new facilities can operate City, Baw Baw, and Wellington. This new reliably on the power grid and maintain system Program will fund implementation ready strength. With two synchronous condensers, community and industry projects that increase we’re confident this project can be seen as a the uptake of renewable energy generation, trailblazing template for the future of management, and storage technologies, and renewables in Australia and beyond.” that draw on local skills and services.

The ABB synchronous condensers are large To apply and for more details visit rotating machines developed to mimic the https://www.vic.gov.au/latrobe-valley- operation of coal or gas fired generators that energy-and-growth-program historically gave power grids the spinning

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Aurora business case projects contrast to a gas peaker plant, the TESS can also profit from both low and high price up to $60m annual net markets. However, the business case as revenues modelled is not yet optimised for the TESS 11 December because the unique operational 1414 Degrees is pleased to report a positive characteristics of the TESS with the BESS and business case for development of the first PV require 1414 Degrees to create its own stages of its Aurora Solar Energy Project on dispatch model to optimise the revenues from the National Electricity Market (NEM). FCAS during charging and revenues from the provision of long duration storage and The Company engaged independent discharge with inertia. The new dispatch consultants to model spot energy prices and model to be built over the next 12 months will Frequency Control Ancillary Service (FCAS) allow optimisation of TESS sizing, cost, and revenues from the operation of a hybrid revenues to accommodate current and future power plant comprising 70MW of solar PV market trends. It is anticipated that there will with a 70MWh/70MW battery (BESS) on the be substantially higher price volatility and new high voltage transmission line to the market mechanisms in place for supporting Davenport substation in Port Augusta. The long duration storage, further supplementing hybrid plant simulations were then extended TESS revenue from arbitrage, FCAS and to include a 1414 Degrees 1GWh/42MW derivatives (e.g. price caps). The ~1GWh TESS Thermal Energy Storage System (TESS) is scheduled to be commissioned in 2028 operating with the BESS and PV. Each device when the increasing requirement for long has separate inverters and operates through a duration firmed generation is projected to Power Plant Controller to optimise dispatch of result in favourable pricing signals. In addition solar PV, BESS and TESS to the transmission to electricity storage, the TESS can supply line. The BESS and TESS charge and discharge substantial additional thermal energy that with grid electricity or from the PV. Capital could be monetised but is not included in the cost of the first stage of development, current Aurora Project business case. including inverters, substation and connection to the high voltage transmission is estimated 1414 Degrees TESS includes its new scalable at A$199m. SiBox thermal energy storage technology coupled to a turbine-based energy recovery According to volatility in any particular year, system (ERS). The TESS is capable of charging net revenues from operating in the NEM spot either from the grid or the on-site solar market could range between A$25m and generation. This creates remarkable flexibility A$30m for the PV-BESS stage. The projected to service regulation and contingency FCAS net earnings almost double with the TESS, markets and buy and sell energy on the NEM ranging between A$45m and A$60m. Net according to price signals. The bundled long earnings include provision for plant operating duration storage and generation capacity costs estimated up to A$3.5m for the project would enable the fully developed project to when all devices are operational. Electricity sell more competitive power purchase markets are volatile and may be greatly agreements (PPAs), financial derivatives and influenced by policy changes so these grid support services under proposed earnings estimates are indicative. regulatory market changes.

It is the Company’s view that policy and An alternative operating regime bundles the energy market trends are increasingly selling flexible power purchase agreements is favourable for projects with energy storage, not considered in the current model because and the TESS business case assumes some large-scale energy storage that can charge revenue from the provision of long duration from, and regenerate to, the grid at high synchronous storage and generation. In current will operate to advantage with price

Page 15 (Click on relevant project links to go to online Project Database) signals for energy and ancillary services. In vanadium flow batteries to provide energy addition to the modelled scenario the Aurora and frequency control ancillary services Project site has potential to install more solar (FCAS). The battery for Yadlamalka Energy will PV and/or concentrated solar (CSP) be supplied by Invinity Energy Systems. generation, both of which could be firmed through the TESS-GRID to provide competitive The Australian Energy Market Operator PPAs. (AEMO) and the Australian Government’s first Low Emissions Technology Statement Approximately 12 months after identified an emerging requirement for commissioning the first stage PV and BESS, medium-duration storage, with vanadium the Company intends to commission and test flow battery technology seen as a potentially a TESS pilot of 75MWh/2MW capacity using scalable and flexible solution. its new SiBox storage. Following verification of its operational performance in the pilot the Vanadium flow batteries are a form of heavy- 1414 Degrees TESS-GRID could be expanded duty stationary energy storage, designed for up to several GWh providing 100-150MW of use in high-utilisation applications such as long duration electricity generation. The large being coupled with industrial scale solar PV energy storage capacity will contribute to generation for distributed, low-emissions supply security in the National Electricity energy projects. Vanadium flow batteries store Market to meet the challenges of increasing energy in a non-flammable, liquid electrolyte intermittent renewable generation. and do not degrade with cycling like lithium-ion batteries. They can be scaled and located with Source: 1414 Degrees greater flexibility than pumped hydro energy storage, which may increase the potential applications for this technology.

First grid scale flow battery to ARENA CEO Darren Miller said flow batteries were an exciting technology to address the be built in South Australia emerging energy storage requirement. 11 December Australia’s first ever utility-scale vanadium “The strong uptake of variable renewable flow battery is set to be installed in regional energy like solar PV and wind has highlighted South Australia, aiming to demonstrate the the need for increased energy storage and potential impact that flow batteries could vanadium flow batteries could play a major provide in reaching the energy storage target role in addressing this need, complementing in the Australian Government’s first Low the role of more established technologies Emissions Technology Statement. such as pumped hydro energy storage and lithium ion batteries in the Australian market. On behalf of the Australian Government, the Australian Renewable Energy Agency (ARENA) “We look forward to working with Yadlamalka has today announced $5.7 million in funding Energy on this exciting project to demonstrate to Yadlamalka Energy Pty Ltd (Yadlamalka the benefits of flow batteries connected to Energy) to support the installation of a utility- the grid, particularly the ability to shift the scale vanadium flow battery at Neuroodla, dispatch of renewable energy into the evening near Hawker in South Australia. when consumer demand is highest.”

The $20.3 million project will co-locate a 2 Andrew Doman, Chairman and founder or MW / 8 MWh vanadium flow battery with a 6 Yadlamalka Energy, thanked ARENA for its MW solar PV array. It will connect to the support for this important development in National Electricity Market (NEM) to South Australia. demonstrate the potential for grid-connected

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“Yadlamalka Energy is committed to with the combined capacity to power the developing renewable technology solutions to nation. enable a sustainable energy future. This project will provide vital support for the “Delivering new energy sources and new jobs electricity grid in South Australia, which relies is part of our plan for Queensland’s economic heavily on intermittent renewable energy recovery by growing our regions,” the Premier sources, leaving it vulnerable to unexpected said. changes in sunshine and wind. ARENA’s contribution is critical to allowing our project “We’ve had expressions of interest for a to proceed and we look forward to working further 192 projects that will charge up our with them,” he said. state’s economic recovery, creating up to 57,000 jobs in the process. Larry Zulch, Chief Executive Officer of Invinity said Australia was playing an important “Importantly, we are putting $145 million on leadership role when it came to emerging the table to fund transmission infrastructure, energy technologies. making it easier for renewable projects to connect to the National Electricity Market, “Time and again, Australia has shown encouraging even more investment. leadership in the adoption of game-changing energy technologies, and Yadlamalka Energy’s “This builds on my Government’s investment and ARENA’s joint vision for this project is of $500 million into cleaner, cheaper right in line with that impressive history. electricity, which will continue to drive down Vanadium flow batteries are increasingly power prices for industry and homeowners.” recognised as a robust, reliable and proven way of making renewable energy truly Minister for Energy, Renewables and dispatchable at grid scale. We look forward to Hydrogen Mick de Brenni said that the working with Yadlamalka Energy and ARENA Government would be shortlisting and on this latest example of Australian energy approving projects that delivered the most leadership.” benefit for Queenslanders.

Source: ARENA “Between Cairns and Townsville, our initiative has attracted strong interest from a variety of projects which will support the growing demand for new economy minerals extraction Renewable zones to position and processing, that are critical to the components required in the renewable and Queensland into a clean technology sectors. energy powerhouse “While around Longreach and Rockhampton 11 December we’ve attracted expressions of interest from Queensland is accelerating towards its 50% 67 projects, creating significant opportunities renewable energy target, with interest in to enable growth in the state’s renewable Queensland’s renewable energy zones hydrogen development. shattering expectations and creating overwhelming interest from renewable “The most popular has been the southern investors. zone covering the Darling Downs with 72

strong expressions of interest, which is well Premier Annastacia Palaszczuk said her suited to the region’s growing opportunities in Government had been flooded with sustainable agriculture and ecotourism. expressions of interest, with enough projects to create 60,000 megawatts of clean energy,

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The potential projects are across a mix of WS2737625436 - Provision of clean energy generation technologies including solar PV, wind, and biomass. services for demand control About the opportunity A number of potential projects also offer Western Power is running this registration of storage technologies such as utility-scale interest to identify third parties who may batteries. provide a distributed response of a complete ‘50 Mega Watts (MW)’ solution or a part “Energy storage will play an important role in solution of ‘less than 50 Mega Watts (MW)’ a low emissions future, offering the ability to for demand control services across Perth’s dispatch clean energy on demand,” Mr de metro area to manage the network risks. The Brenni said. metro areas are: Henley Brook, Byford, Southern River, and Waikiki. “The next steps in cementing these zones will be progressed during 2021 with a priority on The solution(s) could comprise of: investments that focus on Queensland’s • one or a combination of embedded economic recovery from COVID-19. generation; • residential or commercial/ industrial grid- “Queensland is already generating 20 per cent connected aggregated behind the meter of our electricity from renewable resources, battery storage; and our investment in the renewable energy • demand-side load management solutions. zones means we can add this clean energy to our electricity grid.” If there are successful proponent(s), the innovative integrated solutions must be Minister de Brenni said the Palaszczuk deliverable by October 2021. The solution(s) Government already has a proven track provided must be deployable (increase and record. decrease in load) and provides verifiable monitored data to Western Power. “In just over six years our policies have turned the energy investment climate on its head, The service does not need to meet the entire transforming the state from the LNP’s zero- network shortfall, and a ‘part’ solution may be dollar, zero-megawatt renewables vacuum to pursued, however a minimum of 2MW an $8.5 billion energy investment and 7,000 solution (in one of the four metro areas) are job powerhouse. required to qualify.

“I welcome the proponent estimates showing Western Power is seeking registrations of these projects would support more than interest from suitably qualified and $93.7 billion investment if these are all experienced organisations, for the provision developed. of distributed demand control services on Western Power’s MV Distribution Network, to “What this looks like today is clean electricity primarily resolve MV feeder overutilisation coming from 33 operational large-scale wind from evening peak load (generally occurring and solar projects and there’s another 11 between 5.30pm-8.30pm). already committed or under construction.” Western Power is seeking competitive The Renewable Energy Zones are regionally- services that will be able to meet the based power and jobs generators which open following criteria: more doors for more industrial zones, • Integrated to Western Power distribution hydrogen hubs and manufacturing jobs. network • Provide verifiable distributed demand Source: Queensland Government control during peak load periods • Minimum of 2MW in the area specified

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• Deployed, monitored and verifiable by demand control in relation to the high- 1st October 2021 level Scope requirements stated above (capability statement). Please note that these opportunities are also • If available, references from at least three included in the ‘Distribution Storage customers whom you have offered similar Opportunities’ published as part of the services. Distributed Energy Resources (DER) Roadmap • Safety, Health & Environment information action 5b. to be requested as part of this exercise. Complete information on the location and site-specific sizing requirements are accessible To be considered for the inclusion in the via this link. Request for Proposal, please register your interest following the link below no later Registration Requirements than 4PM AWST, Friday 1st January 2021. Suppliers are required to respond to the following for its Registration of Interest Source: Western Power submission: • Demonstrate track record and capability in delivering Services for distributed

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