Queensland’s state-owned energy company Stanwell and global renewable energy developer RES are kickstarting the development of the proposed Tarong West Wind Farm, which will generate up to 500 MW of renewable energy.
The site, located 30 km southwest of Kingaroy, could receive up to $780 million in funding through the Queensland Renewable Energy and Hydrogen Jobs Fund. The investment proposal is still subject to a business case and subsequent shareholding minister approval.
The funding will enable Stanwell to transform its portfolio, support the achievement of Queensland’s renewable energy target and ensure a sustainable and affordable energy future for the state’s residents, according to the company’s statement Monday.
Valued at approximately $2 billion, the Queensland Renewable Energy and Hydrogen Jobs Fund was established to increase public ownership of renewable energy and hydrogen projects and support infrastructure in partnership with the private sector.
Matt Rebbeck, chief executive officer of RES in Australia, said the proposed wind farm is expected to generate enough green energy to power approximately 230,000 homes and create over 200 direct local jobs during construction and 15 ongoing operational roles.
“We are delighted that the project has been selected for potential funding through the forward-looking Queensland Renewable Energy and Hydrogen Jobs Fund,” Rebbeck said.
Stanwell is proposing to take 100 per cent ownership and operation of the green energy facility once completed, according to Stanwell CEO Michael O’ Rourke.
“Full ownership of the Tarong West Wind Farm project would support the decarbonisation of our existing portfolio, enable us to meet our customers’ demand for renewable energy products, and provide future career development opportunities for our people,” Rourke said.
“We are investing in Queensland’s renewable energy future and ensuring that opportunities arising from the next wave of renewable projects provide benefits for Queensland communities, workers and our economy.”
The wind farm is anticipated to reach Financial Investment Decision in Q2 2024. Construction of the facility is expected to commence in 2024 and ready for commercial operations in 2026.
