Stanwell Corporation Limited (Stanwell) has signed a 15-year power purchase agreement with Australian renewable energy powerhouse, Genex Power Limited (Genex), to secure 50% of the renewable energy produced from the Kidston Stage Three Wind Farm (K3W).
Under the agreement, Stanwell will become the largest energy offtaker from K3W, a 258 MW wind farm project located in North Queensland which is being developed in partnership with Japanese utility, J-POWER.
K3W forms part of the renewable energy trifecta of solar, pumped hydro and wind energy being developed at the Kidston Clean Energy Hub.
The agreements executed include a Memorandum of Understanding where it is proposed that the parties work together to facilitate that Stanwell’s asset maintenance business, SAMCo, will secure the maintenance services contract at the Kidston Clean Energy Hub.
Genex expects K3W will commence operations by December 2026 and will contribute to the 900 new jobs being created at the Kidston Clean Energy Hub.
The power purchase agreement forms part of Stanwell’s strategy to build a renewables portfolio of 9 to 10 GW of electricity generation and 3 to 3.5 GW of energy storage by 2035.
Stanwell CEO Michael O’Rourke said the power purchase agreement will provide a boost to our ability to provide renewable energy to meet increasing demand by our customers.
“This is yet another win for Queensland and our commercial and industrial customers who want clean, reliable and affordable energy to power their businesses,” he said.
“Stanwell is continuing to transform our portfolio to support Queensland’s renewable energy future. A 50 per cent offtake from the Kidston Wind Farm brings us one step closer to achieving the Queensland Government’s renewable energy targets.”
Genex Power Limited CEO, Craig Francis said that Genex was thrilled to partner with Stanwell to support its renewable energy aspirations with this long-term agreement.
“Genex and J-POWER are delighted to be working alongside Stanwell for the Kidston Stage 3 Wind Project and are appreciative of the strong and continued support of the Queensland Government for the Kidston Clean Energy Hub,’ he said.
Kidston Stage Three Wind Farm is currently in development.
About Genex Power Limited
Genex Power Limited has a portfolio of more than $1 billion of renewable energy generation and storage projects across Australia. The Company’s flagship Kidston Clean Energy Hub, located in north Queensland, will integrate large-scale solar generation with pumped storage hydro.
The Kidston Clean Energy Hub is comprised of the operating 50MW stage 1 Solar Project (KS1) and the 250MW Kidston Pumped Storage Hydro Project (K2-Hydro) with potential for further multi-stage wind and solar projects. The 50MW Jemalong Solar Project (JSP) is located in NSW and provides geographical diversification to Genex’s portfolio.
JSP was energised in December 2020 and is now fully operational. Genex’s first battery energy storage system, the 50MW/100MWh Bouldercombe Battery Project (BBP) located in Central Queensland achieved energisation in June 2023.
With a committed portfolio of 400MW and up to approximately 2.25GW of renewable energy and storage projects in the Company’s development pipeline, Genex is well placed in its strategy to become a leading renewable energy and storage company in Australia.
Genex continues to acknowledge the support of key Federal and State Government stakeholders such as the Australian Renewable Energy Agency (ARENA), the Northern Australia Infrastructure Facility (NAIF) and the Queensland State Government.
About Stanwell
Stanwell is a major provider of electricity and energy solutions to Queensland, the National Electricity Market and large energy users along the eastern seaboard of Australia.
Stanwell is developing a pipeline of renewable energy and storage projects throughout Queensland, finding cleaner ways to reliably generate and store electricity for customers and deliver on the Queensland Government’s renewable energy targets of 70% by 2032 and 80% by 2035.
Stanwell’s portfolio includes over 3,000 MW of renewable energy under contract, in construction or development as well as two of the most efficient and reliable coal fired power stations in Australia—the Tarong power stations near Kingaroy and Stanwell Power Station west of Rockhampton. Stanwell is driving the development of Queensland’s hydrogen industry and the use of other new technologies, with a $117 million FEED study underway to progress the development of the country’s largest renewable hydrogen export hub in Gladstone.