NEOEN SA (EPA:NEOEN) - Neoen and CleanCo Queensland sign landmark PPA for Australia's largest solar farm, at 352 MWp

Transparency directive : regulatory news

06/05/2020 07:46

Sydney & Paris, 6 May, 2020

Neoen and CleanCo Queensland sign landmark PPA for Australia's largest solar
                              farm, at 352 MWp

* Neoen and CleanCo have signed a 352 MWp power purchase agreement, one of
  Australia's most substantial renewable energy agreements to date
* The Western Downs Green Power Hub will generate 1080 GWh of affordable clean
  energy each year, complementing CleanCo Queensland's hydro generation
* Between 460 and 480 MWp in total size, Western Downs will become the largest
  solar farm in Australia, bringing significant regional economic benefits to
  South West Queensland
* With this move into Queensland, Neoen confirms its status as Australia's
  leading independent producer of renewable energy

Neoen (ISIN: FR0011675362, Ticker: NEOEN), one of the world's leading and
fastest-growing producers of exclusively renewable energy, has signed a 352 MWp
power purchase agreement with CleanCo Queensland in one of Australia's most
substantial renewable energy agreements to date.

The contract will enable Neoen to build Australia's largest solar farm, the 460
to 480 MWp Western Downs Green Power Hub near Chinchilla in south east
Queensland, delivering clean energy into Powerlink Queensland's transmission
network.

This is CleanCo Queensland's second renewable energy offtake agreement since
its establishment in December 2018, and it will contribute over 30% of the
energy required for CleanCo Queensland to meet its target of 1 GW of new
renewable generation by 2025.

Louis de Sambucy, Neoen Australia's Managing Director said: "We are excited to
work in partnership with CleanCo with whom we share the same long-term vision.
The electricity produced by Western Downs solar farm will complement CleanCo's
hydro energy production and it will be our first project in Queensland. We are
fully committed to delivering this landmark deal by making the most of the
region's excellent solar resources, the use of the latest technology and our
experience in delivering solar farms on time and on budget. We look forward to
Western Downs becoming a lighthouse project in achieving excellent regional
economic and local community outcomes that will be needed in the aftermath of
Covid-19's impact on the economy. This will also help the Queensland government
work towards its ambitious target of 50% renewable energy by 2030."

As Queensland's publicly owned clean energy company, CleanCo Queensland is
focused on activities that help to improve electricity affordability,
contribute to achieving Queensland's 50% renewable energy target by 2030 and
create new investment and jobs in regional Queensland.

Western Downs Green Power Hub will be a major contributor to those objectives.
It will generate energy to power 235,000 Queensland homes, or enough to power
every home on the Sunshine Coast.

Maia Schweizer, CleanCo Queensland's inaugural CEO said: "This an exciting
initiative which is delivering a better future for Queensland. We're delivering
affordable, secure and clean energy, which is powering new jobs right across
our state."

Powerlink Queensland Interim Chief Executive, Kevin Kehl, said the Western
Downs Green Power Hub is extremely well positioned to connect to the national
grid via Powerlink's transmission network: "This project will bring Queensland
to 2000 MW of large-scale renewable generation connected to the transmission
network in the state."

The A$570 million investment by Neoen is expected to create up to 400 jobs for
the local and South West Queensland area when construction begins in July 2020.
Connection will be via the Western Downs substations via a new overhead line,
with energy generation scheduled to start in the first quarter of 2022.

As per its strategy, Neoen also will be the long-term owner and operator of the
project, sharing the ongoing benefits of this development with the local
community. The establishment of a Community Benefit Fund will provide
opportunities for local community-building initiatives totaling A$100,000 every
year for the lifetime of the project. Neoen is also working closely with the
Traditional Owners, the Barunggam, to go well beyond current best practice for
Indigenous participation, targeting 10% of the project's economic benefits,
including employment, training and supply chain outcomes.

Xavier Barbaro, Neoen's Chairman and Chief Executive Officer said: "We would
like to thank CleanCo Queensland for putting its trust in us. The signing of
this first power purchase agreement for a Queensland project fully illustrates
our willingness to extend our leadership in Australia, our first country in
terms of capacity installed. As one of the world's leading and fastest-growing
independent renewable energy producer, we are committed to delivering
affordable, reliable and clean energy to communities through our wind, solar
and storage projects, in Australia and in all our geographies."

About Neoen

Neoen is one of the world's most dynamic independent producers of renewable
energy. With a capacity close to 3 GW in operation or under construction, Neoen
is a high-growth company. Neoen is notably active in France, Australia, Mexico,
El Salvador, Argentina, Finland, Portugal, Ireland, Zambia, Jamaica and
Mozambique. In particular, Neoen operates France's most powerful solar PV farm
(300 MWp) in Cestas, and the world's largest lithium-ion power reserve (150
MW/193.5 MWh storage capacity) in Hornsdale, Australia. Neoen is targeting more
than 5 GW capacity in operation or under construction by end of 2021. Neoen
(ISIN Code: FR0011675362, ticker: NEOEN) is listed in Compartment A of the
regulated market of Euronext Paris.

For more information: www.neoen.com

Contact

Neoen

communication@neoen.com

Australian media

Red Havas

neoen@redhavas.com

International media

OPRG Financial

Isabelle Laurent
+33 1 53 32 61 51
Isabelle.laurent@oprgfinancial.fr

Fabrice Baron
+33 1 53 32 61 27
Fabrice.baron@oprgfinancial.fr

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NEOEN SA (EPA:NEOEN) - Neoen and CleanCo Queensland sign landmark PPA for Australia's largest solar farm, at 352 MWp

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