Genex, Stanwell Partner for 775 MW Bulli Creek Solar Project

A landmark 15-year Power Purchase Agreement (PPA) has been signed between Genex Power and state-owned energy company Stanwell Corp, setting the stage for the development of the 775 MW first phase of the Bulli Creek solar project. This agreement is a critical step towards creating what will be Australia’s largest grid-connected solar farm, located in southeastern Queensland.

Under the terms announced on September 17, 2024, Stanwell will purchase up to 550 MW of the renewable energy generated, securing a substantial 71% of the initial stage’s capacity. The 775 MW solar facility, situated 125 kilometers southwest of Toowoomba, is forecast to generate 2,234 GWh annually once it becomes operational in 2027. This stage is the first part of a larger vision for the site, which will ultimately feature up to 2 GW of solar generation and a 400 MW/1,600 MWh battery energy storage system.

This cornerstone PPA provides the commercial certainty needed for Genex to advance the project towards a final investment decision, which is targeted for the end of 2024. Genex, recently acquired by Japanese utility J-Power, is now positioned to secure project financing. “The 15-year offtake agreement at Bulli Creek will enable Genex to progress the project swiftly toward a final investment decision later this year, delivering 775 MW of new renewable energy capacity in Queensland from 2027,” said Genex CEO Craig Francis. This deal successfully replaces a previous offtake agreement with Fortescue for 337.5 MW that had expired.

The collaboration extends beyond the Bulli Creek project. A Stanwell division, Stanwell Asset Maintenance Company (SAMCo), has also secured a five-year contract to provide operations and maintenance services for Genex’s existing 50 MW Kidston Solar Farm. For Stanwell, a major operator of coal-fired power stations, this partnership is a significant move in its portfolio transformation. Michael O’Rourke, Stanwell CEO, said, “This new power purchase agreement is another exciting step toward Stanwell’s target of 9 to 10 GW of renewable energy generation by 2035.” The project directly supports the Queensland government’s ambitious renewable energy targets of 70% by 2032 and 80% by 2035.

The project, which has already obtained key planning and environmental approvals, is expected to create up to 800 jobs during its construction phase. O’Rourke added that the expansion of SAMCo’s services “locks in additional jobs in the renewable sector and showcases our ability to leverage our highly skilled workforce and experience to optimise the performance of renewable energy assets.”

Sources for Genex, Stanwell Partner for 775 MW Bulli Creek Solar Project

1. Genex Strengthens Partnership with Stanwell with 550MW Offtake …
2. [PDF] Genex Strengthens Partnership with Stanwell with 550MW Offtake …
3. Bulli Creek Solar and Battery Project – Infrastructure Pipeline
4. Genex raising AUD 1bn debt for Australian solar farm – ION Analytics
5. Huge Queensland solar and battery project hits new hurdle, this time …
6. Genex Power Opens Procurement For 775 MW AC Solar Project
7. Stanwell taps into Bulli Creek solar farm. – Connecting Industry
8. Genex secures state-backed PPA for 750 MW of solar in Australia
9. Stanwell, Genex ink 15-year PPA for solar PV project in Australia
10. Stanwell strengthens partnership with Genex to boost renewable …