Listed renewable energy and storage developer Genex Power says it plans to build the biggest solar farm on Australia’s main grid after landing a huge 25-year off-take deal with iron ore billionaire Andrew Forrest’s Fortescue Metals.
The agreement with Fortescue is for 337.5MW at an undisclosed fixed price from the Bulli Creek solar project in Queensland, over a 25 year timeline.
Genex says that deal could provide the foundation for a minimum 450MW solar project, and a potential 775MW first stage solar project – which would make it the biggest in the National Electricity Market.
Genex and its partner J-Power bought the 2GW Bulli Creek solar and battery project last year from co-developer Solar Choice. The original idea was to prioritise battery storage, but Genex says the Fortescue deal will change those plans.
It now intends to add that battery storage component of up to 400MW – and for two or four hours of storage – as part of the second stage of the project, with a final investment decision on that component in 2025 rather than 2024.
The final size of the first solar stage of the Bulli Creek project will be determined by discussions with other potential off-take partners, but Genex says it and its partner, Japanese energy group J-Power, are now committed to the project.
Fortescue intends to utilise the solar energy procured under the PPA for the operation of its planned green hydrogen and green ammonia facility in connection with its Gibson Island project, where it intends to build a 550MW electrolyser.
