Genex eyes new PPAs for Bulli Creek solar project


Renewable energy and storage developer Genex Power is in discussions with other parties for solar offtake from the 2 GW Bulli Creek Solar and battery energy storage system project planned for southeast Queensland after Fortescue Metals Group failed to meet a deadline outlined in their mutual power purchase agreement (PPA).

Other parties coming on board could allow the capacity of the project’s initial stage to increase up to 775 MW and become the largest grid-connected solar farm in Australia. The project is also to include a 400 MW/1,600 MWh battery energy storage system.

Genex inked an offtake deal with Fortescue in late 2023 for up to 337.5 MW of solar energy from the Bulli Creek project that would underpin a minimum project size of 450 MW.

Fortescue’s intention is to use the renewable energy to power its planned Gibson Island renewable hydrogen and green ammonia project but for the third time in just over three months, the company has missed the deadline to give the project the investment green light.

In February, Genex agreed to let Fortescue delay a final investment decision for Gibson Island, to the end of March. That came after the deadline was originally extended in December 2023 to the end of February.

Genex has now confirmed that the buyer condition precedent has not been satisfied by the revised sunset date. While the PPA remains valid, Fortescue’s failure to act has triggered a termination right under the agreement for either party.

Genex said Fortescue’s decision “has no material impact on the project timeline” and it is aiming to conclude all discussions with other potential offtakers by mid-year, which will allow it to confirm the size of the Bulli Creek project with a final investment decision on the first stage expected by year’s end.

The Bulli Creek solar project is being developed in partnership with Tokyo-headquartered J-Power which has loaned the project $35 million, and Solar Choice. PCL Construction has been awarded the engineering, procurement, and construction contract.

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