Foresight, one of Australia’s leading infrastructure managers, has announced a 50% partnership with Shell Energy Operations. The group acquires the exploitation rights of 370 MV, the “Kondinin” project.
Kondinin includes several stages of development in the areas of wind energy, solar energy as well as a storage part. The project is located in a renewable area near Western Power. Pending the final investment decision, construction of the Phase 1 wind farm is expected to take place in 2024.
Tom Laidlow is the managing director of Foresight says:
“We are delighted to announce a follow-on JV with Shell. This is our second investment in renewable energy alongside Shell, our first investment under Foresight, and this is our second investment in renewable energy in Western Australia. We see many opportunities in Washington State as the state government earlier this year set ambitious new emissions targets to achieve carbon neutrality by 2050.”
An increase in renewable energy production assets for both groups.
The Australian Renewables Income Fund (ARIF) is the Foresight subsidiary that holds the 50% interest in this agreement. With the completion of the transaction, its portfolio now increases to a total capacity of 787 MW in wind, hydro and solar assets with a development potential of more than 3000 MW.
Daniel Beaver is the transaction manager and director of foresight. He states.
“Kondinin’s partnership with Shell and recent transactions have created a platform for growth for ARIF investors. Every additional megawatt of renewable energy provided is another step toward decarbonization and carbon neutrality.”
These new agreements will therefore have a positive impact on both groups. They will also facilitate the deployment of renewable energy in Australia.
