ACEN Corp. secured a new incentive contract involving wind energy technology in Australia.
The company said the Valley of the Winds project in Coolah, New South Wales will have a capacity of 900 megawatts (MW) capacity and is expected to be operational by 2030.
“This (incentive) is like the equivalent of our Green Energy Auction. It’s a slightly different structure but it enables these renewable projects. So, we won that and that’s huge. That’s a very big project and that’s the latest in Australia,” said Eric Francia, ACEN president and chief executive officer, during a briefing in Makati city this week.
The Green Energy Auction is a competitive selection process that helps the Philippines select eligible renewable energy (RE) plants to promote renewable energy as a primary energy source
Based on a statement from Australia’s office of the Minister for Climate Change and Energy, ACEN’s project will be under the Capacity Investment Scheme that will “ensure enough new affordable and reliable electricity will be brought into the grid to meet demand between now and 2030.”
It added bids, including ACEN’s were assessed through a fully independent third party, based on the project’s likelihood of lowering wholesale energy market prices apart from how it can helps deliver system reliability and benefit local communities by using locally sourced project materials, supplies and job creation.
ACEN said the Valley of the Winds project will be pursued by its subsidiary, ACEN Australia and has a potential for expansion and possible tie-up with a battery energy storage system technology.
The company added the project is capable of powering up to 500,000 homes annually and create 500 jobs during the construction phase.
