Genex Power has secured a 15-year PPA for 550 MW solar PV capacity out of the 775 MW phase I of the BCP project
It is designed to generate 2,234 GWh of clean energy once phase I is online in 2027
On completion, the BCS project will be the largest solar farm connected to the NEM network, claimed Genex
Queensland’s state-owned utility Stanwell Corporation has signed up as offtaker for power from the 775 MW Bulli Creek Stage 1 Solar Project being built by Genex Power and J-Power. The project is part of the 2 GW solar and storage farm that the latter plans to develop, believing it will become Australia's largest grid-connected solar farm on its completion in 2027.
J-Power or Electric Power Development Co. took over Genex in July 2024. The duo has been working on the Bulli Creek Project (BCP) as partners.
Specifically, Stanwell has entered into a 15-year power purchase agreement (PPA) for 550 MW out of the Bulli Creek Stage 1 Solar Farm. On completion, the entire stage 1 will generate 2,234 GWh of clean energy, and create up to 800 clean energy jobs during construction, due to begin in early 2025.
It will be the largest solar farm connected to the National Electricity Market (NEM).
Genex shared that concurrent with the execution of the PPA, Genex has terminated its 337.5 MW PPA with a subsidiary of Fortescue Ltd. As a result, the BCS has secured offtake for 71% of its 775 MW capacity. This, it explained, will underpin a concurrent debt and equity financing process. An investment decision is expected by 2024-end.
“Our partnership with Genex is an essential element of Stanwell’s portfolio transformation and will accelerate the delivery of our renewable energy pipeline in line with the Queensland Energy and Jobs Plan,” said Stanwell CEO Michael O’Rourke. “The power agreement is another step closer to Stanwell’s target of 9 to 10 GW of renewable energy by 2035.”
Genex acquired the BCP facility from Solar Choice in 2022. Back then, it said phase I will comprise the development of 400 MW/1,600 MWh battery energy storage system (BESS), while phase II will realize 475 MW to 675 MW of solar PV capacity (see 2 GW Solar & Storage Project Changes Hands).
Additionally, Genex has signed up Stanwell Asset Maintenance Company (SAMCo) to provide operations and maintenance (O&M) services for the former’s 50 MW Kidstone Solar Farm.