Energy retailer, SmartestEnergy Australia, has inked a long term solar Power Purchase Agreement (PPA) with industrial company, MYTILINEOS Energy & Metals.
SmartestEnergy will source solar from the Kingaroy Solar Farm in Queensland which has a capacity of 40 megawatts and is owned by MYTILINEOS.
Under the terms of the agreement SmartestEnergy will purchase a substantial portion of the solar farm's electricity output over a long-term period, which SmartestEnergy will then retail to its commercial and industrial customer base in Australia.
SmartestEnergy Australia CEO, Robert Owens, said the company has doubled down to refocus its efforts on what it will take to support generators and businesses in the current and future energy system.
Owens said the Kingaroy Solar Farm will generate clean electricity that can power the equivalent of approximately 16,000 homes.
“Long-term deals like the new Kingaroy PPA not only help ensure new assets are built in Australia but also enable the delivery of clean energy for decades to come,” he said.
MYTILINEOS’s Australian portfolio currently stands at 376 megawatts.
The Kingaroy Solar Farm is currently under construction and will be operational in late 2023.
The PPA with SmartestEnergy Australia enables MYTILINEOS to build the solar farm with project financing, progressing MYTILINEOS’ renewables build-out strategy in the Australian market.