Advising on Australia’s largest renewable energy buy agreements | Macquarie Group

Rio Tinto, one of many world’s largest metals and mining firms, is searching for to develop a portfolio of renewable power initiatives progressively over the course of 5 to 7 years to generate inexperienced power to provide their aluminium property in Queensland.

The property require 1140 MW of dependable energy to function, which equates to at the least 4 GW of variable wind and photo voltaic technology with firming.

As a part of this, Rio Tinto has signed Australia’s largest renewable PPA thus far,¹ agreeing to buy 80 per cent of electrical energy generated from Windlab’s deliberate 1.4 GW Bungaban wind power undertaking.

It follows the same settlement for 100 per cent of the electrical energy generated from European Power’s 1.1 GW Higher Calliope photo voltaic farm introduced in January 2024, which was additionally Australia’s largest renewable PPA on the time and stays Australia’s largest photo voltaic PPA thus far.²

Each the most recent Bungaban PPA, and up to date Higher Calliope PPA, helps Rio Tinto’s local weather objective of halving its international scope 1 and a pair of carbon emissions this decade by repowering its aluminium property at Gladstone (Boyne Smelter, Yurwin Alumina Refinery and Queensland Alumina Refinery) with inexperienced electrical energy.²