Octopus Australia, an investment company, announced its acquisition of 28,000 hectares of land near Deniliquin, New South Wales (NSW), to develop the 1-gigawatt (GW) Merino Wind Farm, as per a press release.
The acquired land is near the 400-megawatt (MW) Saltbush Wind Farm, which Octopus Australia also owns.
Also read: Andrew Forrest plans massive 2 GW renewable energy park
This acquisition marks Octopus Australia securing nearly 35,000 hectares in the “South-West NSW Renewable Energy (SW-NSW REZ)”. The land acquired will facilitate the generation of more than “1.5 GW of power through the ongoing development of the 400MW Saltbush Wind Farm and the newly established $3.5 billion, 1GW Merino Wind Farm”, according to the release.
These projects acquired by Octopus will be powered by storage systems – namely, solar and battery. These systems will ensure the area generates stable renewable energy.
The vast land acquired also opens the doors for potential opportunities “to connect to key transmission lines in the future”, the release mentions. This move could work out in the favor of Octopus and strategically position them for the upcoming and future Access Rights Tenders.
Also read: Challenges in transmission lines hinder Australia’s shift towards renewables
The release also mentions that multi-billion-dollar wind projects such as the one Octopus intends to work on will be vital in assisting Australia to achieve Net-Zero by 2050.
The release also featured a statement from Darren Brown, Co-Managing Director. He said “The acquisition marks a major milestone in Octopus Australia’s strategy to build a portfolio of energy assets which model what a future clean energy generation base will look like in Australia.”
He added, “These cornerstone wind assets, supplemented with Octopus’ storage and solar developments across the NEM, are designed to be an integrated, multi-technology portfolio that can offer truly unique and differentiated Power Purchase Agreement products to energy customers and sustainable value to investors.”