Australian renewables outfit Energy Estate has revealed plans to launch a $A500 million-plus capital raising to underwrite its large and diverse development pipeline, which ranges from offshore wind, to green hydrogen and pumped hydro.
Since its launch in 2018, Energy Estate has issued a steady stream of ambitious project proposals and announcements, many of which the company is co-developing with a range of different partners, and most of which remain in the early planning and feasibility stages.
Most recently, the company partnered with Spanish firm BlueFloat Energy on plans to develop 4,300MW of offshore wind capacity in Australian waters, including a 1.4GW floating wind farm off the coast of the Hunter region as well as a “world first” super-hybrid green hydrogen project valued at up to $5.5 billion and combining massive wind and pumped hydro facilities and hydrogen technologies in central Queensland.
Related: BlueFloat Energy will present the Hunter Coast Offshore Wind Project’s available procurement opportunities to the supply chain at the online Connecting Hunter Industry Conference on August 4. Connect here to find out more.
Energy Estate says the funds being raised will be used both to fund the construction of its platform of projects in Australia and New Zealand – a total of 30GW, the company says – and to accelerate the company’s development activities.
“We have now embarked on the next step of our journey, to create the region’s first zero-carbon Independent Energy Producer,” said Energy Estate co-founder Vincent Dwyer.
“This will result in the large-scale, flexible renewable energy portfolio we are co-developing with our partners providing decarbonised energy, whether in the form of electrons, hydrogen, ammonia or other e-fuels, to local consumers including heavy industry and into export markets.
“With decades of experience developing and delivering projects across the energy value chain, our team with our current portfolio is uniquely placed to deliver on that opportunity,” Dwyer said.
“We are committed to thinking differently, to setting a high benchmark of collaboration with industry, to fostering clean industrial precincts, and to delivering enduring outcomes to the community, to the traditional owners of the lands and seas on which our projects are located, and to the local supply chain and workforce,” said fellow co-founder, Simon Currie.
“The renewable energy industry is maturing and rapidly converging with the broader energy and industrial ecosystems. Our approach is working in partnership, with leading local and global development, technology and engineering companies, to accelerate the development of clean energy solutions.”
Related: Energy Estate will present the Hunter Hydrogen Network (H2N) project’s available procurement opportunities to the supply chain at the online Connecting Hunter Industry Conference on August 4. Connect here to find out more.
This article first appeared in Renew Economy