Rio Tinto, the global mining giant, has sealed a Power Purchase Agreement (PPA) with Windlab to power its Gladstone operations in Queensland, embarking on a landmark renewable energy initiative poised to reshape Australia's industrial energy landscape, the company revealed on Tuesday.
Under the agreement, Rio Tinto will procure the majority of electricity from Windlab's proposed 1400MW Bungaban wind energy project, solidifying its position as the largest industrial purchaser of renewable power in Australia, Rio Tinto announced.
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This strategic move represents another significant stride in Rio Tinto's ongoing efforts to transition its Gladstone production assets, including the Boyne aluminium smelter, Yarwun alumina refinery, and Queensland Alumina refinery, towards sustainable energy sources.
The newly formed joint venture, PLT US Solar 1, is predominantly owned by PLT Energy US Corp, holding an 80% stake, while GGS Energy possesses a 20% interest in the collaboration.
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Pierluigi Tortora, Chairman of PLT Energia, highlighted the transformative potential of the partnership, stating, “This dynamic JV with GGS Energy offers PLT a platform for international growth into the US market and advances our long-term goals of being a leader in the realization of renewable energy projects globally.”
GGS Energy, a subsidiary of Glacier Global Partners, emerged in 2020 as a pioneering force in the energy transition landscape, focusing on the development of utility-scale renewable energy projects in the US, with an initial emphasis on PV projects.
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Yaniv Blumenfeld, Chairman of GGS Energy, expressed enthusiasm regarding the collaboration, affirming, “We are thrilled to embark on this journey with PLT Energia. In aligning with PLT, GGS Energy is not just forming a partnership; we are joining forces with a team whose trust and support reflect a deep alignment with our mission and values. This JV is a steppingstone for GGS's growth and signals our collective commitment to transform the energy landscape.”
