A power-purchase agreement between renewable energy company Windlab, which is majority owned by Squadron Energy, and Apple will support the development plans for a new 600MW wind energy project in north Queensland.
Under the 15-year agreement, Apple will purchase clean energy from Windlab’s Upper Burdekin Wind Farm near Mount Fox, north-west of Townsville.
Windlab CEO John Martin said the Apple agreement is a powerful statement and underscores Windlab’s expertise and capacity to responsibly deliver a renewable energy project of this size, and signals the importance of the Large-scale Generation Certificate (LGC) mechanism under Australia’s Renewable Energy Target (RET) legislation.
“This deal was made possible by Australia’s existing RET legislation, and the LGC scheme is an internationally respected, verifiable environmental instrument that in this case, is being used to abate carbon emissions throughout Australia,” Mr Martin said.
“RET is a trusted mechanism that is already in place. As Australia considers how to incentivise the next phase of renewable investment, an LGC-like mechanism would be a strong platform.”
Squadron Energy CEO Eva Hanly said the deal was another important step in transitioning Australia to the green energy economy.
“Squadron Energy, including through our investment in Windlab, will continue our work with all levels of government to inform and drive initiatives that deliver a future-proofed market design and shore up Australia’s national energy security.”
The $1 billion Upper Burdekin Wind Farm is currently progressing through development approvals with construction to commence within the next two years and power sent to the grid in 2026.