The project is on track to develop one of the world’s biggest onshore wind farms
Baker McKenzie has guided Korea Zinc Co., Ltd. on its joint venture arrangement with ACCIONA on a major Queensland-based renewable energy project.
Korea Zinc subsidiary Ark Energy Corporation, which concentrates on decarbonising the international metals group's energy supply, will obtain a 30% stake in the MacIntyre Wind Farm in southeast Queensland. On completion, the farm will be one of the world’s biggest onshore wind farms, Baker McKenzie said.
ACCIONA keeps its 70% stake in the MacIntyre Wind Farm as it works together with Ark Energy to develop, operate and maintain the 923MW farm. ACCIONA said in a 16 March media release that its interest in this project, the biggest energy project in its portfolio, is underpinned by a 400MW power purchase agreement with new Queensland public electricity company CleanCo.
Korea Zinc subsidiary Sun Metals Corporation will also be powered by the MacIntyre Wind Farm.
“This deal demonstrates Korea Zinc's strong commitment to renewable energy in Australia, and represents a major step towards its Sun Metals zinc refinery in Townsville sourcing 100% of its energy from renewables by 2040,” Baker McKenzie lead partner Tanya Denning said.
José Manuel Entrecanales, chairman and CEO of ACCIONA, said that the partnership with Korea Zinc marked “a milestone in MacIntyre's development.”
“Our companies share a common goal to pioneer clean energy and this partnership is the perfect example of how two companies from different sectors can work together to deliver flagship renewables infrastructure,” he said.
The MacIntyre Wind Farm will be situated adjacent to the 103MW CleanCo-owned Karara Wind Farm, which is also being developed by ACCIONA.
“The two wind farms will generate clean electricity to supply nearly 700,000 homes, avoid the emission of around 3 million tonnes of CO2 each year and will involve a total investment of almost $2bn,” Baker McKenzie said.
Special counsel Sarah Merrett, senior associates Robert Gough and Lev Gantly and associate Daniel Conti supported Denning in working on the transaction.
Construction of the MacIntyre Wind Farm is set to commence in the latter half of the year. The farm is expected to be fully operational by 2024.