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October 15, 2019

Queensland approves $236m Banana Range windfarm

The Government of Queensland in Australia has approved the construction of a new A$350m ($236m) wind farm by Lacour Energy on the Banana Range near Gladstone.

The Government of Queensland in Australia has approved the construction of a new A$350m ($236m) wind farm by Lacour Energy on the Banana Range near Gladstone.

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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 project is being undertaken by Orange Creek Energy, a subsidiary renewable energy company of Lacour Energy.

Featuring 50 wind turbines, the new Banana Range wind farm will have the capacity to generate 180MW of clean energy, which will be sufficient to power nearly 120,000 homes.

Queensland Minister for Planning Cameron Dick said: “The government strongly supports investment in regional projects and the Banana Range windfarm, located 20km west of Biloela, will provide a huge boost for the local economy.

“With up to 150 construction jobs and up to 15 ongoing jobs, the Banana Range windfarm will not only generate electricity for homes and businesses but will be an economic energy source for the surrounding region.

“Besides the great environmental benefits for Queensland, investment in projects such as this also creates a flow-on economic effect for local businesses and assists in diversifying the town’s economy.”

Construction works at the site are expected to begin in 2020 and are expected to be completed over a period of two years.

The company noted that the Banana Range windfarm will not have any impact on the lifespan of existing generators.

Additionally, the energy generated by the wind farm will be supplied to the power network through an existing high voltage 132KV transmission line that is running through the project site.

Lacour Energy director James Townsend said: “The onsite power line and excellent wind resource mean that the project can supply competitively priced electricity.

“The area is known for its strong nighttime winds which is when the wind farm will produce the most energy, and this means the project is very complementary to the daytime energy from rooftop solar and the solar farms that have recently been built in Queensland.”

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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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