General Announcement::UPC\AC Renewables Australia invests in Baroota Pumped Hydro and Solar projects in South Australia

Issuer & Securities

Issuer/ Manager
Stapled Security

Announcement Details

Announcement Title
General Announcement
Date &Time of Broadcast
14-Aug-2019 18:15:15
Announcement Sub Title
UPC\AC Renewables Australia invests in Baroota Pumped Hydro and Solar projects in South Australia
Announcement Reference
Submitted By (Co./ Ind. Name)
AC Energy, Inc. / Irene Maranan
Head, Corporate Communications and Sustainability
Effective Date and Time of the event
13/08/2019 00:00:00
Description (Please provide a detailed description of the event in the box below)
UPC\AC Renewables Australia is pleased to announce that it has entered into a conditional share purchase agreement for the acquisition of a 51 percent interest in the Baroota Pumped Hydro and the Bridle Track Solar Farm projects (Projects) from Rise Renewables. Under the terms of the agreement, UPC\AC Renewables intends to accelerate remaining development, fund construction and to retain long-term ownership of the Projects.

UPC\AC Renewables sees the Baroota Pumped Hydro Project as a leading example of low-cost long hours energy storage providing firm generation that is needed in South Australia as well as in the wider National Electricity Market. The capability of the pumped hydro project will provide a valuable contribution to UPC\AC Renewables development portfolio across the National Electricity Market.

Baroota Pumped Hydro will consist of 2 by 125 MW units and the construction of upper storage, penstock, pipeline and power station with the utilisation of the existing SA Water Baroota Reservoir as lower storage. The Baroota Pumped Hydro project is located strategically in the Mid North of South Australia and within 1 km of the 275 kV Bungama to Davenport transmission line.

The Bridle Track Solar farm project has approval for 300 MW located next to the Baroota Pumped Hydro project. Both projects will share a connection point to the 275kV Bungama to Davenport transmission line.

CEO Anton Rohner said:

"One of the key aspects of the NEM, as we transition to a low carbon emissions system, is the need to build and operate longer-term storage projects like Baroota. Dispatchable power such as Baroota coupled with renewables like wind and solar will smooth the transition to a low emissions system."

"We will now focus on an accelerated timeline to financial close and issuing NTP with construction starting soon thereafter. We are aiming to have the 250 MW of capacity operational by the summer of 2023, the first expected summer without the Liddell power station."

"Baroota Pumped Hydro and Solar Farms fit well with our other developments across the NEM in New South Wales, Victoria and Tasmania to achieve a balanced portfolio of reliable renewable generation in the NEM."

Baroota Pumped Hydro and Solar Farm projects have been developed by Rise Renewables and have achieved development approval and have detailed design costings. Rise Renewables worked with SA Water and other stakeholders to develop a cost-competitive renewable energy capacity opportunity for the NEM.

Brer Adams, a director of Rise said:

"Rise Renewables is very pleased to have reached an agreement with UPC\AC Renewables for the acceleration of the Baroota Pumped Hydro and Bridle Track Solar Projects."

"Pumped hydro energy storage is the missing link in Australia's electricity network, offering the potential for long-hours energy storage and on-demand generation. Bridle Track Solar Project will be co-located adjacent to the pumped hydro project offering significant locational and shared infrastructure advantages. The Projects will provide network services, helping to balance variable generation and supporting further development of South Australia's electricity market."

"Rise Renewables is delighted to be working with a highly experienced developer and owner UPC\AC Renewables as these projects are brought to market."


About UPC\AC Renewables Australia

UPC is a leading worldwide renewable developer with more than 20 years of global experience developing, constructing and operating world-class wind and solar projects.

UPC has developed more than 3,500 MW of operating wind and solar projects with an investment value of over USD5 billion, and have a development pipeline of more than 5,000 MW.

UPC has a proven successful history of being an early entrant in new markets with advanced technology and creative local business strategies, helping countries accelerate their renewable energy development.

UPC\AC Renewables Australia is a 50/50 joint venture between UPC (through UPC Renewables Limited) and AC Energy, Inc. (through AC Energy International Holdings Pte. Ltd.). It is an Australian domiciled company with Australian management and over 20 years combined experience in renewable energy development, construction and operations.


About AC Energy

AC Energy, Inc. ("AC Energy") is the energy platform of the Ayala Group, one of the largest business groups in the Philippines.

AC Energy is one of the fastest growing energy companies with over $1 billion of invested and committed equity in renewable and thermal energy in the Philippines and around the region.

AC Energy aspires to exceed 5 GW of attributable capacity and generate at least fifty percent of energy from renewables by 2025.


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