Allens has advised Newcrest Mining Limited on the 15-year power purchase agreement (PPA) it has negotiated between its subsidiary, Cadia Holdings Pty Limited, and Tilt Renewables Limited.
The PPA, which is designed to meet part of the future energy requirements for Newcrest's Cadia Mine in central western NSW, is for approximately 55 per cent of the output of the proposed ~400MW Rye Park Wind Farm.
Equivalent to more than 40 per cent of Cadia's projected energy demand, the PPA is expected to allow the Rye Park Wind Farm project to move from the development stage into financing and construction. The project will become the largest wind farm directly enabled by a corporate PPA in Australia.
'We are delighted to have worked alongside Newcrest on this important milestone in its transition to sustainable energy use,' said lead Partner Kate Axup.
'As the trend towards net zero emissions continues to grow, PPAs with renewable generators are increasingly in demand among Australian organisations as one of the building blocks towards a more sustainable energy procurement solution.'
Allens works at the forefront of renewable energy and is a leading adviser on cutting-edge, pathfinder transactions, including corporate PPAs. The firm has recently advised WestConnex, Salesforce and Coles on their corporate PPAs.
Projects and Development
Kate Axup (lead Partner), Danielle Jones (Senior Associate), Helen Santamaria (Associate) and Shane Chandra (Lawyer).