Origin's Wind Farm Deal Can Fill 29% of Generation Gap Left by Eraring -- Market Talk

Dow Jones04-12

0129 GMT - Origin Energy's acquisition of the Yanco Delta Wind Farm in Australia's New South Wales state can make up for around 29% of FY 2023 generation volumes from the coal-fired Eraring power plant that will be shut down in the future, RBC says. Origin is buying Yanco Delta from Virya Energy for A$125 million upfront and up to A$175 million when development milestones are hit. The project, which includes a battery, aims to start up later this decade. "This project will replace a material portion of the gap left by the closure of Eraring, and represents over double the existing wind generation Origin currently contracts (700MW)," analystGordon Ramsay says in a note. "We view Origin's geographic diversification of its wind portfolio positively." (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

April 11, 2024 21:29 ET (01:29 GMT)

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