Origin Energy Ltd, a leading Australian power producer, has finalized the acquisition of domestic renewable energy developer Walcha Energy, along with its portfolio of wind and solar projects totaling over 1.3 gigawatts (GW), the company announced on Tuesday.
The deal underscores Origin's commitment to bolstering its renewable generation and energy storage capacity while strategically expanding its presence within New South Wales' New England Renewable Energy Zone (REZ), according to a statement from the buyer. Financial terms of the acquisition were not disclosed.
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Walcha Energy is the driving force behind the development of two major projects within the New England REZ: the 870-megawatt (MW) Ruby Hills Wind Farm located west of Walcha and the 450-MW Salisbury Solar Farm situated south of Uralla. Both projects are in the early stages of development.
As the new owner, Origin Energy expressed its immediate intention to engage with landowners and the local community, as well as to commence the necessary technical studies required for the compilation of a comprehensive scoping report.
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The expansion into New South Wales comes at a pivotal time for Origin Energy, coinciding with the planned closure of the Eraring coal-fired power station next summer. Last year, the company acquired a site in the central part of the New England REZ for the installation of onshore wind turbines. The Warrane property, currently utilized for agricultural purposes, will serve as a key asset in Origin's renewable energy expansion strategy.
