We pride ourselves on being an innovator in the renewable energy industry. We continuously drive the development and adoption of novel business models which allow us to achieve higher added value in our developments. We don’t mind complexity, and we avoid parts of the industry that get commoditized.
With wind and solar electricity now cheaper than ever before, cheaper than any other source of power, the environment for us to be a pioneer has never been better.
We can now work with businesses directly, providing them with green power so they can help decarbonise the world. The old model of securing offtake agreements was useful to the nascent renewables industry. Now that we have found our feet, we can secure corporate offtake agreements to provide businesses with the direct positive impact that renewable energy delivers, while also reducing their energy costs.
Recently, the Sydney Opera House announced its intention to shift to 100% renewable power. Working with them we have made it possible to deliver 100% emissions-free energy, sourced from our Sapphire Wind Farm – with our help they have now been certified carbon neutral. Sydney Airport is also a client, getting up to 75% of its power from our Crudine Ridge Wind Farm. Through the Grassroots Platform we supply Australia’s largest bank, the Commonwealth Bank, with all of their power needs for offices, databanks through a firmed up block of energy (24/7) that is 100% green. This is a first for the country.
Combining wind, solar and storage – both physically and virtually – can have multiple benefits. First, it can partially offset the intermittency issues. Second, their physical combination allows for the better (i.e. lower cost) utilization of grid resources such as substations, transformers, and transmission lines. Furthermore, the complementary nature of the wind and solar generation profiles combined with battery storage’s flexibility has made it possible to achieve renewables-based baseload power.
Our pioneering work in the Sapphire Hybrid Energy Hub is a testament to this brave new world, with Australia’s largest bank a major partner in this endeavour. In 2018 they signed what is one of the world’s first renewables-based baseload PPAs to secure 65% of their total energy requirements from our Sapphire Wind Farm projects, displacing 700,000 tonnes of carbon dioxide each year.
The concept of turning electrical power into molecules to be used as an energy carrier or as hydrochemicals, is called ‘Power to X’ (PtX). As the cost of renewable energy falls to record lows, green hydrogen is fast becoming economically viable. Produced through renewables-powered electrolysis, green hydrogen and its derivatives will be a key contributor to going beyond the power sector and decarbonizing the rest of the economy.
We are one of the global pioneers behind large-scale green hydrogen production through our subsidiary H1 Energy. In 2015 we recognized the scale of the challenge and the opportunity presented by remote areas of massive renewable resource and commenced the development of the world’s largest renewable energy project – the 26 GW Asian Renewable Energy Hub. We have since expanded our activities and have started developing some of the best locations globally, where large areas of currently idle land are combined with a strong complementary wind and solar generation.