Oil major Shell is taking a 49% stake in Australia’s WestWind Energy, forging a new strategic partnership to accelerate the Australian developer’s pipeline of new wind energy projects.
Under the deal, Victoria-based WestWind plans to deliver its existing 3GW pipeline of renewable energy projects across New South Wales (NSW), Victoria and Queensland at a faster pace than originally planned.
“This is an exciting day for WestWind Energy and, more importantly, for Australia’s transition to a clean energy economy,” said Tobias Geiger, managing director of WestWind Energy Australia.
“In partnership with Shell, we can accelerate our development of wind energy projects in Victoria and grow our NSW and Queensland portfolio. We will now be able to grow our team to undertake a larger number of projects, and progress them faster,” he added.
The acquisition, which is expected to complete later this year subject to regulatory approvals, marks Shell’s entry into the Australian wind energy market. It is already active in solar PV and energy storage.
“Our first wind investment in Australia is a significant step in our goal to build a low-carbon integrated business in Australia, in line with our customers’ evolving energy needs,” said Shell Australia country chair Tony Nunan.
Shell is one of a growing number of oil and gas majors seeking to divert investments towards green energy as part of the global trend to reduce carbon emissions.
It has been forging partnerships to secure projects under offshore wind tenders, including in the US, Scotland and South Korea.
The new partnership will be entirely focused on future projects, including the 300MW Warracknabeal wind farm in Victoria, which is in the early stages of development.
The 756MW Golden Plains East (Stage One) wind farm in Victoria, which will be 800-1000MW, will remain separately owned by WestWind Energy with equity investor TagEnergy.
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