Norton Rose Fulbright has advised University of New South Wales Sydney on its innovative procurement of renewable energy.
The tripartite arrangement with Origin and Maoneng allows UNSW to meets its zero carbon goals and provides a long term price hedge in a volatile NSW electricity market.
UNSW has entered into a power purchase agreement (PPA) with the 200 megawatt (MW) Sunraysia Solar Farm, located near Balranald in south western NSW and owned and developed by Maoneng Australia. Origin will supply electricity to UNSW’s premises and “firm’ the volumes provided by the solar farm.
One of the first corporate PPAs to sign in Australia, this is the first of its kind to effectively ‘marry’ a retailer with the developer and the corporate.
Construction of the Sunraysia Solar Farm will commence in early 2018 and it is scheduled to be fully operational and commence supply to UNSW by mid-2019. Commitments by the developer under the PPA will ensure economic benefits flow through to the local community and deliver opportunities for collaboration and knowledge sharing with UNSW for university students and staff.
The Norton Rose Fulbright team was led by Simon Currie (Picture) and included Kelly Davies and Jacqueline Fetchet.
Clifford Chance acted for Maoneng Australia with a team led by Philip Sealey.
Origin Energy was advised by Hive Legal and Energy Action provided energy market analysis and advice to UNSW.