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April 22, 2022

Iberdrola acquires rights to 1GW onshore wind farm in Australia

Spread across more than 50,000ha, Mount James is claimed to be the largest onshore wind farm in the world.

Spanish electric utility firm Iberdrola has acquired the rights to the Mount James wind farm in Queensland, Australia.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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The financial details of the deal have not been disclosed by either company.

Located in North Queensland, Mount James is claimed to be the largest onshore wind farm in the world with a capacity of 1GW.

The wind energy project is spread across more than 50,000ha of land area, and has also completed its environmental studies.

In a statement, Iberdrola said: “Environmental studies have been completed on the 50,000ha of the Mount James wind project site, which will allow the wind farm to be designed to avoid environmentally and heritage sensitive areas. In addition, all permits for the construction of the project are being processed. 

“Iberdrola’s competitive position in the Australian market is distinguished by a willingness to invest not only in renewable capacity, but also in the technologies that enable clean energy growth, customer-focused product offerings, and broader energy infrastructure.

“To date, this has been achieved by offering commercial and industrial customers fully firm supply agreements backed by renewable energy generation.”

With this acquisition, the Spanish utility has a portfolio of more than 3GW in the region.

The investment from Iberdrola is expected to support Australia in meeting its economic decarbonisation target of 50% renewable energy by the end of this decade.

Iberdrola also believes that the region has the potential to become a major green hydrogen hub and green materials export corridor.

Las September, RES divested its 245MWdc Avonlie solar development project in New South Wales (NSW) to Iberdrola.

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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