Australia-based ReNu Energy has announced the execution of the heads of agreement (HOA) to develop solar photovoltaic (PV) projects within GrainCorp Operations’ east coast facilities network.
According to the agreement, ReNu Energy will build, own, operate and maintain the solar assets on GrainCorp properties under power purchase agreements (PPA) with the company.
Both firms will partner to evaluate and develop pilot project solar PV sites in Queensland, New South Wales (NSW) and Victoria.
ReNu Energy CEO Craig Ricato said: “We are very pleased to have the opportunity to work with GrainCorp on the evaluation and delivery of the first of three solar PV projects within their extensive network of properties in eastern Australia.
“We are looking forward to assisting GrainCorp as they continue to evaluate their future energy requirements and the benefits of the broad adoption of renewable energy within their property portfolio.”
GrainCorp is said to be one of Australia’s leading grain exporters and owns an integrated grain storage and transport network.
The deals with ReNu Energy is expected to provide a wide range of benefits to GrainCorp, including power cost savings, improved energy security, and reduced exposure to energy market cost volatility. The agreements will also reduce its environmental impact in the area of energy and emissions.
Ricato added: “Our agreement with GrainCorp to develop these three pilot projects is well-aligned with our strategy of delivering behind the meter solar PV installations, which are supported by long-term power purchase agreements.
“The Australian agribusiness sector represents significant opportunities for the delivery of solar and bioenergy projects for ReNu Energy, and we look forward to demonstrating the significant positive impacts that solar can have on a company’s operations through the deployment of these three projects in GrainCorp’s portfolio.”