AGL Energy and Tilt Renewables have executed a Power Purchase Agreement (PPA) for the offtake of electricity generated from Rye Park Wind Farm in NSW.
The deal is the first PPA carried out by AGL and its partners QIC and the Future Fund since the acquisition of Tilt Renewables’ Australian operations in 2021, and it is the first opportunity obtained through AGL’s access to Tilt Renewables’ platform.
The 15-year agreement provides AGL with 45% of Rye Park Wind Farm’s production, which amounts to around 513 GWh from 178 MW of capacity.
According to AGL, with a higher emissions intensity, this electricity could otherwise be obtained from the grid. 513 GWh of energy annually equates to about 400,000 tonnes of greenhouse gas emissions or the annual removal of about 110,000 average Australian internal combustion engine cars.
AGL Chief Operating Officer Markus Brokhof said the agreement represents another critical milestone in the company’s energy transition path as it expands its portfolio of renewable generation assets and aids AGL in further decarbonising its customer demand.
“We are focused on continuing to build out our renewables pipeline as we work towards our interim target of adding 5 GW of renewables and firming by 2030 as part of our ambition to be net zero for operated Scope 1 and 2 emissions by 2035.1 This PPA with Tilt Renewables is an important milestone in our transition journey and our partnership with Tilt,” Brokhof stated.
The Rye Park Wind Farm, located north of Yass in NSW, has been under construction since December 2021. The wind farm is scheduled to be completely operational in mid-2024, with a total capacity of 396 MW.
Tilt Renewables’ Executive General Manager of Operations Damien Sanford said, “this offtake agreement marks a significant milestone for Tilt Renewables and the Rye Park Wind Farm with all renewable energy from the project now fully contracted for an initial term of 15 years.”
“As one of Australia’s leading renewable energy businesses, Tilt Renewables is particularly proud of our partnership with AGL, with this offtake enabling us to deliver more renewable energy to our customers,” Sanford added.
