Billionaire Forrest plans huge Australian renewable energy park

Green power facility would be able to power up to a third of the homes in New South Wales, it is claimed

Australian billionnaire Andrew Forrest, also known as 'Twiggy', built his fortune in mining but is now the country's largest investor in renewable energy.
Australian billionnaire Andrew Forrest, also known as 'Twiggy', built his fortune in mining but is now the country's largest investor in renewable energy.Photo: Squadron Energy

Australian green power giant Squadron Energy, owned by billionaire Andrew Forrest, is planning to build a giant renewable energy park featuring 2GW of wind and solar farms hooked up to one of the world’s largest energy storage systems.

Squadron Energy this week submitted a scoping report for the Koorakee Energy Park to the government of New South Wales (NSW).

The Koorakee plans feature a 1GW wind farm – with up to 167 turbines at a maximum height of 270 metres – alongside a solar facility with the same capacity and a 1GW/12GWh energy storage system that could hold power for up to 12 hours.

Squadron says various technologies are being considered for the energy storage system, including lithium-ion, lead acid and sodium sulphur batteries, as well as flow batteries and other solutions like cryogenic storage and compressed air.

A 12GWh energy storage system would be one of the largest globally. Currently, the largest lithium-ion battery system – the Moss Landing facility in the US – holds 3.3GWh of power, while the world’s largest thermal energy storage facility holds 5.9GWh.

There are larger existing pumped hydro energy storage plants, however, and other giant energy storage projects in the works.
Mining magnate turned renewables evangelist Forrest is regularly involved in some of the world’s most eye-catching green energy projects – including plans to produce vast amounts of green hydrogen and ammonia in Egypt and another to build a colossal 44GW hydropower and green hydrogen project in the Democratic Republic of Congo.
Closer to home, Forrest claimed the crown of being Australia’s biggest green energy investor in 2022 through a $2.7bn deal that saw Squadron Energy take its operating portfolio to 2.4GW, with a 20GW Australian pipeline.

Squadron's latest project, Koorakee, is planned over around 58,000 hectares in the southwestern Riverina region of NSW.

Squadron says Koorakee could power up to a third of the households in NSW and would help replace the four existing coal-fired power stations in the state that are being progressively closed down.

The project is within NSW’s South West Renewable Energy Zone, which was declared by the NSW government in 2020 and is slated to have almost 4GW of capacity.

Koorakee is expected to take between two and three years to complete, with an aim of bringing it online during 2028-2029.

The project fits with Prime Minister Anthony Albanese’s plans to turn Australia into a ‘renewables superpower.’ Albanese recently set out plans to have Australia enter the global green subsidies race, going toe to toe with the US and other major economies to encourage renewables investment.
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Published 30 May 2024, 12:48Updated 30 May 2024, 12:48
Andrew ForrestSquadron EnergyAustraliaAsia-Pacific