Author: Veselina Petrova
Electricity retailer Flow Power has signed a deal to supply power from the 240-MW Ararat wind park in Victoria, Australia, to a local unit of Singaporean agribusiness Olam International Ltd (SGX:O32).
Under the large-scale power purchase agreement (PPA), Olam Orchards Australia Pty Ltd will be provided with renewable power for a period of 10 years, Flow Power said on Monday. The processor of agricultural products and food ingredients will be able to use electricity from the Ararat wind farm in real time to offset grid power consumption and thus save costs.
The deal, being one of the first corporate renewable PPAs in Australia, is part of Olam’s strategy to expand its renewable energy portfolio globally and address climate change, Olam’s co-founder and CEO Sunny Verghese said.
In September 2017, Flow Power signed a PPA for a portion of the 240-MW Ararat wind park, which has been generating power since last April. About 40% of its output is sold to the Australian Capital Territory (ACT).
The Ararat Wind farm is owned by a consortium of Renewable Energy Systems Ltd (RES), General Electric Co (NYSE:GE), Partners Group Holding AG (SWX:PGHN) on behalf of its clients, and OPTrust. Australian group Windlab is in charge of its operation and management.