Energy
Sector | Energy |
Sub-sector | Renewables |
Location | Australia |
The assets require 1140 MW of reliable power to operate, which equates to at least 4 GW of variable wind and solar generation with firming.
As part of this, Rio Tinto has signed Australia’s largest renewable PPA to date,1 agreeing to purchase 80 per cent of electricity generated from Windlab’s planned 1.4 GW Bungaban wind energy project.
It follows a similar agreement for 100 per cent of the electricity generated from European Energy’s 1.1 GW Upper Calliope solar farm announced in January 2024, which was also Australia’s largest renewable PPA at the time and remains Australia’s largest solar PPA to date.2
Both the latest Bungaban PPA, and recent Upper Calliope PPA, supports Rio Tinto’s climate goal of halving its global scope 1 and 2 carbon emissions this decade by repowering its aluminium assets at Gladstone (Boyne Smelter, Yurwin Alumina Refinery and Queensland Alumina Refinery) with green electricity.2
The team provided advice throughout the process on acquisition, funding and operating models to meet the client's strategic, commercial and decarbonisation objectives.3
Outcome
The remaining 20 per cent of the project’s generated electricity will supply Australia’s National Electricity Market, delivering clean electricity to homes and businesses.1
The agreement will make Rio Tinto the biggest industrial buyer of renewable power in Australia and represents the largest renewable power purchase agreement by an Australian corporate to date.1
Once developed, the combined 2.2 GW of renewable PPAs with Windlab and European Energy have the potential to generate the equivalent of 10 per cent of Queensland’s current power demand.1
potential reduction in emissions each year1
created during construction, with an additional 130 jobs supported when operating4
of renewable energy generated5
by an Australian corporate to date1
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