Business energy retailer Flow Power has today announced that it will contract 50MW of the output and associated Large Scale Generation Certificates from Windlab Limited’s (ASX:WND) proposed 104MW Lakeland Wind Farm project, for a period of up to ten years. This landmark agreement will see Flow Power expand its Queensland footprint and add its second wind offering to its portfolio for corporate clients.
Lakeland Wind Farm is a fully approved wind farm located 60 km South-West of Cooktown on the Cape York Peninsula, adjacent to the town of Lakeland.
It will be Flow Power’s second wind offering after the Ararat Wind Farm, Australia’s third largest wind farm, and its first outside of Victoria, allowing a greater number of Queensland businesses to access low-cost wholesale renewable generation over a long-term period.
The deal builds on the success of Flow Power’s Corporate Renewable Power Purchase Agreements (PPAs), which were first introduced to the Australian market by the company in 2017.
Lakeland Wind Farm will join Ararat Wind Farm and Kiamal Solar Farm in Flow Power’s rapidly growing portfolio of renewable generation. It is the latest phase in the retailer’s ambitious plans for national growth since it announced its change in ownership earlier this year. In February 2018, Canadian pension trust OPTrust took an ownership stake in the company as part of Flow Power’s plans to expand its offering for corporate clients, which include Olam Orchards, ANCA Machines and Select Harvests.
Matthew van der Linden, Managing Director of Flow Power, comments: “We’re excited to be one step closer to locking in low cost power for Queensland businesses. By signing this Term Sheet with Windlab Limited, we are committing to bringing the benefits of corporate renewable PPAs to Queensland.
He continues: “After two successful agreements in Victoria, we’re looking forward to working on a new project for Queensland. Supporting the integration of new renewable generation is a key part of Flow Power’s vision to reshape the Australian power market.”
CEO of Windlab Limited, Roger Price, comments: “The signing of this term sheet with Flow Power is another important step in bringing Lakeland Wind Farm to financial close and construction. With the development approvals and a grid connection agreement already in hand, execution of this term sheet will allow us to work towards finalisation of the debt and equity arrangement for the project.”