Flow Power has inked a deal to contract 50MW of the output and associated Large-Scale Generation Certificates from Windlab’s proposed 104MW Lakeland Wind Farm project in Queensland.
The $200 million Lakeland Wind Farm, located south west of Cooktown on the Cape York Peninsula, will generate enough energy to power 50,000 homes.
“We’re excited to be one step closer to locking in low-cost power for Queensland businesses,” Flow Power managing director Matthew van der Linden said.
“By signing this term sheet with Windlab Limited, we are committing to bringing the benefits of corporate renewable PPAs to Queensland.
“After two successful agreements in Victoria, we’re looking forward to working on a new project for Queensland.”
The deal builds on the success of Flow Power’s corporate renewable power purchase agreements (PPAs), which were first introduced to the Australian market by the company in 2017.
Windlab CEO Roger Price said the signing of the term sheet is another important step in bringing the wind farm to financial close and construction.
“With the development approvals and a grid connection agreement already in hand, execution of this term sheet will allow us to work towards finalisation of the debt and equity arrangement for the project,” Mr Price said.