13 May 2020
Posted in Power
Neoen’s PPA with CleanCo will help the company achieve its 5GW project target by 2021
French renewable energy producer Neoen has entered into a power purchase agreement (PPA) with Queensland’s newest publicly-owned clean energy company CleanCo. Neoen will benefit from this agreement as it will help the company achieve its 5GW target of projects in operation and under construction by 2021, says GlobalData, a leading data and analytics company.
As per the terms of the PPA, CleanCo will purchase 352 MWp of clean energy from Neoen’s Western Downs Green Power Hub photovoltaic (PV) project, with construction set to start in July 2020. The project is CleanCo Queensland’s second renewable energy agreement since its establishment in December 2018, and will contribute over 30% of the company’s target of incorporating 1GW of renewable electricity by 2025.
Somik Das, Power Analyst at GlobalData, comments: “CleanCo is focused to provide affordable electricity, contribute to Queensland’s 50% renewable target by 2030, attract new investments and create jobs in the region. The project will be a pioneer in achieving economic and social outcomes in Queensland which is much-needed post-COVID-19 for sustainable development. With an investment of $A570m, it will create 400 local jobs, as well as provide opportunities totaling A$100,000 every year while it remains active.”