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Project Update Week ending 22 June 2018

Ingeteam is awarded the supply of 620 MW of PV inverters to Australia, while commissioning 146 MW and supplying a further 119 MW 15 June Ingeteam, a leading company in the design of power and control electronics, electric machines and electrical engineering, has recently signed a number of contracts for supplies to photovoltaic plants in Australia, a country in which the company boasts an important market share in the solar sector. Thanks to these new contracts, Ingeteam has reached the figure of 1060 MW supplied to the Australian PV market. The company, which has been present in Australia for more than five years now, is to supply a total of 377 central photovoltaic inverters, all with 1500 Vdc technology, with delivery now underway. These inverters, which are part of the INGECON SUN PowerMax B series family, are being sent to five large solar generation plants, totaling 620 MW. Moreover, the supply is not limited to the PV inverters, but covers the integrated medium voltage solution, which is divided into two types. Approximately 63% corresponds to the Skid series for Ingeteam's Inverter Station solution, which comprises a metal platform or skid holding all the low and medium voltage equipment required (LV/MV transformer, MV switchgear, LV switchboard and auxiliary services transformer), and which is connected in the field to three 1500 Vdc inverters.

The rest of the supply corresponds to the INGECON SUN CON40 power stations where the equipment mentioned above (three 1500 Vdc PV inverters, LV/MV transformer, MV switchgear, LV switchboard and auxiliary services transformer) is housed in a 40 foot container, shipped as a turnkey solution. Moreover, Ingeteam has recently commissioned two solar plants totaling 146 MW in the state of Queensland. These plants have also been equipped with 1500 Vdc PV inverters, integrated in the INGECON SUN CON40 power stations. On the other hand, the company is set to commission another plant, with an output power of 119 MW, for which it has supplied 25 Inverter Stations each equipped with seventy-five 1600 kW inverters. These new contracts consolidate the position of Ingeteam in Australia, where the company has now crossed the 1GW threshold of power supplied to the solar market. Source: Ingeteam

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Northleaf Capital Partners opens office in Melbourne, Australia, and completes acquisition of stake in Lal Lal Wind Farms 17 June Northleaf Capital Partners (Northleaf) is pleased to announce the opening of an office in Melbourne, Australia as the firm continues to expand its US$10 billion global private markets investment management platform. The announcement coincides with Northleaf reaching financial close on its third Australian infrastructure investment – a 40% equity interest in Lal Lal Wind Farms, two wind generation projects located near Ballarat, Victoria. “A formal presence in Australia extends Northleaf’s worldwide network, enhancing our capabilities to provide investors with access to highly differentiated mid-market infrastructure, private equity and private credit investments globally,” said Stuart Waugh, Managing Partner of Northleaf. “Establishing the Melbourne office also reflects our ongoing commitment to private markets opportunities in Australia and New Zealand and provides a local base from which to continue our successful, long-standing investment activities in the region, which began with our first Australian private equity investment in 1998.” Northleaf’s Melbourne office is managed by Tom Irvine, Managing Director, who has been working with Northleaf since 2015. Tom was previously a Director, Infrastructure, at RBC Capital Markets in both London and Sydney. He is supported by Adrian Jetter, Senior Associate, who has been working with Northleaf since 2017. Adrian was most recently with J.P. Morgan in Frankfurt, where he was a Vice President, Investment Banking, focused on M&A and capital markets transactions. Tom and Adrian are actively involved in deal sourcing, diligence, execution and asset management across Northleaf’s infrastructure program.

“We are delighted to officially open Northleaf’s office in Melbourne,” said Tom Irvine, Managing Director. “We look forward to extending the firm’s global private markets capabilities in Australia and New Zealand and continuing to grow our $2.7 billion infrastructure program.” Northleaf acquired its stake in Lal Lal Wind Farms from the project’s developer, Macquarie Capital. Installation has commenced, and the wind farms are scheduled to be fully operational by the second half of 2019. When complete, the projects will generate a combined output of 228 MW, powered by Vestas 3.8 MW turbines. Northleaf‘s global infrastructure portfolio includes 26 assets, representing more than $20 billion in total enterprise value, and the firm has been an active investor in Australia and New Zealand. In addition to Lal Lal Wind Farms, Northleaf has invested in Waterloo Wind Farm, an operational 131 MW facility located in South Australia, and ANZ Terminals, a bulk liquid storage business with operations in Australia and New Zealand. Source: Northleaf Capital Partners

PROJECT NEWS

Gannawarra Solar Farm The first batch of 400 Tesla batteries were delivered to site at the Gannawarra Solar Farm in Kerang Victoria ready for installation. The 25 MW/50 MWh battery system will be integrated into the initial 60 MW solar farm, which is already generating. RCR Tomlinson is the EPC contractor for installation, testing and connection of the harmonic filters of the battery system.

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CEFC backs NAB’s latest innovative green investment opportunity with $90 million commitment 18 June The Clean Energy Finance Corporation (CEFC) has confirmed a $90 million cornerstone investment in an innovative finance offering to create ‘green’ investment opportunities for fixed income investors such as superannuation funds. The new $200 million Low Carbon Shared Portfolio is backed by senior loans to seven wind and large-scale solar farms, all of which are financed by the National Australia Bank. “The Low Carbon Shared Portfolio creates an opportunity for institutional investors to participate in the renewable energy sector even though they may not be able to enter into individual project financing transactions. This offering is unique in giving investors credit exposure to the underlying projects, a significant innovation in the market,” CEFC Debt Markets Lead Richard Lovell said. “International superannuation and pension funds are recognising the long-term and consistent returns available from investing in large-scale renewable energy projects. We want to encourage the same approach from Australian superannuation funds. Given their size, superannuation funds can help underpin future clean energy investment, as well as capture the value of Australia’s growing renewable energy infrastructure to benefit their members.” Mr Lovell added: “The Low Carbon Shared Portfolio creates a new investment model in the Australian market and is one we expect will become more common as demand for socially responsible investment opportunities increases. We are pleased to be involved at this foundation level to support the development of this new market.”

NAB Chief Customer Officer of Corporate and Institutional Banking, Mike Baird said the NAB Low Carbon Shared Portfolio provides ways for institutional investors to back major renewable energy projects alongside NAB, while releasing capital for NAB to continue to reinvest in the renewables sector. “Our goal is to make a positive and lasting impact on the lives of our customers, people, shareholders, communities, and our environment,” Mr Baird said. “We’re seeing tremendous growth in clean energy across our loan book, which is why we continue to innovate with offerings such as the NAB Low Carbon Shared Portfolio.” The secured floating rate portfolio notes, issued by NAB Trust Services Limited, have an estimated weighted average tenor of 3.2 years and offer quarterly principal and interest distributions. NAB retains at least 25 per cent of each low carbon loan on its own balance sheet and continues to manage the loans for the shared portfolio. If NAB exits a particular loan, the shared portfolio will also divest. NAB estimates that electricity created by the seven renewable energy projects avoids more than 2,500,000 tonnes of CO2 emissions every year, which is equal to the emissions created by over 350,000 Australian households. The CEFC has provided support to 11 out of 14 Australian climate bonds in the domestic market since 2013, supporting the growth of this important channel to increase the flow of clean energy finance. Source: CEFC

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InfraRed acquires 40% stake in 228MW Australian onshore wind farm 18 June InfraRed Capital Partners has acquired a 40% stake in the Lal Lal Wind Farm, a 228MW greenfield onshore wind farm project in Australia. The investment makes InfraRed one of the largest shareholders in a consortium of investors. Lal Lal will comprise 60 x 3.8MW Vestas turbines across two sites near Ballarat in the state of Victoria. Construction has started and the sites are expected to be fully operational in late 2019. The project will benefit from revenue offtake with two Australian industrials. Once fully operational, Lal Lal is expected to generate over 650GWh per annum, enough energy to power over 92,000 households. Edward Hunt, Investment Director, Infrastructure, InfraRed states: “Lal Lal is an attractive opportunity to invest in a high-quality onshore project alongside experienced partners. It marks an important milestone for InfraRed’s global energy platform as we will be able to bring our experience in greenfield energy projects across the Americas and Europe to support the generation of clean energy in Australia.” Sebastien Pochon, Director, Infrastructure, InfraRed adds: “InfraRed manages over 2GW of capacity worldwide. We have been investing in Australia since 2009 and are delighted to be expanding our offer here. We are proud of our role in facilitating global renewables growth and actively continue to pursue opportunities in low carbon generation, grid services and energy storage.” Source: Infrared Capital Partners

Zenviron secures Lal Lal Wind Farm contract 19 June A consortium of Zenviron Pty Ltd (“Zenviron”), full service balance-of-plant (BoP) specialists, and Vestas – Australian Wind Technology Pty Ltd (“Vestas”), a global leader in wind energy solutions, has been awarded a contract for the delivery of Lal Lal Wind Farms in regional Victoria. Zenviron will deliver engineering, procurement, construction and commissioning of BoP works, while Vestas will supply and install the wind turbines. Lal Lal Wind Farms comprises two sections, nine kilometres apart, located on farmland across Victoria’s Moorabool Shire, south-east of Ballarat. The Yendon section will connect to the existing Ballarat Area Terminal distribution line, while the Elaine section will connect directly to the adjacent Elaine Terminal Station. Early engineering works have been completed and construction is underway, with plans for the Lal Lal Wind Farms to be fully operational by the second half of 2019. With 60 turbines, total generating capacity of the Lal Lal Wind Farm is 228MW, which is expected to power approximately 95,000 homes a year. This represents a saving of 780,000 tonnes of carbon dioxide annually. Once operational, the project will contribute through a community fund initiative a further $100,000 worth of grants annually, and bring jobs and local business opportunities to the local region. Commenting on the contract win, Zenviron General Manager, Carl Keating, said: “Lal Lal Wind Farm is our third contract award for 2018, demonstrating Zenviron’s leadership in the renewable market delivering balance-of-plant works. We’re excited to again be working with Vestas in delivering a sustainable energy future for Australia.”

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Vestas’ Country Head, Australia & New Zealand, Mr. Peter Cowling said: “This is now the third wind farm that Vestas and Zenviron are working together as a consortium, further leveraging each party’s strengths to deliver optimised projects to our customers.” The project is owned by a partnership comprising InfraRed Capital Partners, Macquarie Capital and Northleaf Capital. Source: Zenviron

Macquarie Capital closes project financing and innovative commercial arrangement for Lal Lal Wind Farms 19 June Macquarie Capital today announced it has closed project financing for the Lal Lal Wind Farms (Lal Lal) with two experienced global infrastructure investors, Northleaf Capital Partners and InfraRed Capital, each acquiring a 40% interest in the project. Macquarie Capital has also sourced and structured an innovative commercial arrangement with Nephila Climate and Allianz Global Corporate & Specialty’s alternative risk transfer unit (Allianz), enhancing the value of, and confidence in, the project. The arrangement comprises two components, the first being a Proxy Revenue Swap (PRS) which helps to offset any production volume, timing of energy generation and future energy price risks. The second component is a corporate Power Purchase Agreement (PPA) with packaging solutions provider Orora Ltd., allowing Orora to lock in the cost of attaining baseload green energy. This is the first time a PRS and PPA have been combined in an arrangement of this nature in the Australian renewables sector.

Ivan Varughese, Macquarie Capital Head of Infrastructure, Utilities and Renewables, Australia and New Zealand (ANZ), said: “Our extensive experience in the renewable energy sector globally is enabling us to bring innovative transaction structures and financing solutions to the Australian market. It’s positive to see innovative companies such as Orora adopting new solutions like this to access renewable energy.” The Lal Lal project will commit $100,000 worth of grants annually through a community benefit fund to support local initiatives. The project will generate approximately 160 local jobs during construction and eight during operations. Lal Lal comprises two sites at Elaine and at Yendon in Victoria and will have a generating capacity of 228MW, using 60 Vestas V136 3.8MW turbines, with civil and electrical construction undertaken by Zenviron. Once complete, Lal Lal will generate enough to power approximately 95,000 homes and save 780,000 tonnes of carbon dioxide each year. Macquarie Capital retains a 20% interest in the Lal Lal project. Source: Macquarie Capital

Vestas receives 228 MW order in Australia with 30-year service agreement, supporting local job creation in Victoria 19 June Vestas has received an order for the 228 MW Lal Lal Wind Farm, located in Victoria, Australia, which is owned by a partnership comprising InfraRed Capital Partners, Macquarie Capital and Northleaf Capital. The Lal Lal Wind Farm is the first project Vestas has worked on with the project partners in Australia and includes a 30-year Active Output Management 5000 (AOM 5000) service agreement.

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For the project, Vestas will supply, commission and service 60 V136-3.6 MW turbines, delivered in 3.8 MW power optimised mode and a hub height of 93 meters, as well as source towers locally to generate renewable jobs in Victoria. The project is expected to create approximately 160 local jobs in Victoria during construction and operations, supporting the state government’s ambitious renewable targets. “Macquarie Capital has extensive experience in the renewable energy sector globally and assisting them and their partners in this Australian project demonstrates Vestas’ ability to develop solutions that meet our customers’ different needs”, said Vestas Asia Pacific President Clive Turton, “in such a competitive and dynamic market, we must continue to provide our expertise across the entire value chain to achieve the lowest cost of energy”. Vestas will source 80 tower sections for the project from Victorian-based renewable energy components producer, Keppel Prince Engineering. “Through Keppel Prince, Vestas will source towers from a Victorian company, underlining our commitment to supporting local job creation, the government’s ambitious renewable target, and Australia’s clean energy future”, continued Clive Turton. The project will also feature Australia’s first radar-activated aviation lights, InteliLight®. Optimised specifically for wind power plant application, InteliLight® delivers reliable activation of the aviation lights when needed, while avoiding unnecessary continuous lighting. Turbine delivery is expected to commence in the 4th quarter of 2018 while commissioning is expected by third quarter of 2019. Source: Vestas

PLANNING

Planning forum on wind turbines in Yass Valley At the May meeting of Council a motion was endorsed that Yass Valley Council opposes in principle the siting of new industrial wind turbines in the Yass Valley. It was also resolved that Council holds a special workshop to determine appropriate wording to present to the State Government on its position on industrial wind turbine farms. A rescission motion has been received, since the May meeting of Council. While not often used, rescission motions are a normal part of the decision making process, where Councillors seek to review or reverse a previous decision of Council. A rescission motion allows a matter to be revisited at an open Council meeting, and this will occur on Wednesday, 27 June 2018. Source: Yass Valley Council

Batteries boom enables world to get half of electricity from wind and solar by 2050 19 June Coal to shrink to just 11% of global electricity generation by mid-century, from 38% now, as comparative costs shift heavily in favor of wind, solar and batteries Wind and solar are set to surge to almost “50 by 50” – 50% of world generation by 2050 – on the back of precipitous reductions in cost, and the advent of cheaper and cheaper batteries that will enable electricity to be stored and discharged to meet shifts in demand and supply. Today, Bloomberg NEF (BNEF) published its annual long-term analysis of the future of the global electricity system – New Energy Outlook (NEO) 2018. The 150-page report draws on detailed research by a team of more than 65 analysts around the world, including sophisticated modeling of power systems

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country-by-country, and of the evolving cost dynamics of different technologies. This year’s outlook is the first to highlight the huge impact that falling battery costs will have on the electricity mix over the coming decades. BNEF predicts that lithium-ion battery prices, already down by nearly 80% per megawatt-hour since 2010, will continue to tumble as electric vehicle manufacturing builds up through the 2020s. Seb Henbest, head of Europe, Middle East and Africa for BNEF and lead author of NEO 2018, said: “We see $548 billion being invested in battery capacity by 2050, two thirds of that at the grid level and one third installed behind-the-meter by households and businesses. “The arrival of cheap battery storage will mean that it becomes increasingly possible to finesse the delivery of electricity from wind and solar, so that these technologies can help meet demand even when the wind isn’t blowing and the sun isn’t shining. The result will be renewables eating up more and more of the existing market for coal, gas and nuclear.” NEO 2018 sees $11.5 trillion being invested globally in new power generation capacity between 2018 and 2050, with $8.4 trillion of that going to wind and solar and a further $1.5 trillion to other zero-carbon technologies such as hydro and nuclear. This investment will produce a 17-fold increase in solar photovoltaic capacity worldwide, and a sixfold increase in wind power capacity. The levelized cost of electricity, or LCOE from new PV plants is forecast to fall a further 71% by 2050, while that for onshore wind drops by a further 58%. These two technologies have already seen LCOE reductions of 77% and 41% respectively between 2009 and 2018. Elena Giannakopoulou, head of energy economics at BNEF, said: “Coal emerges as the biggest loser in the long run. Beaten on cost by wind and PV for bulk electricity

generation, and batteries and gas for flexibility, the future electricity system will reorganize around cheap renewables – coal gets squeezed out.” The role of gas in the generation mix will evolve, with gas-fired power stations increasingly built and used to provide back-up for renewables rather than to produce so-called base-load, or round-the-clock, electricity. BNEF sees $1.3 trillion being invested in new capacity to 2050, nearly half of it in ‘gas peaker’ plants rather than combined-cycle turbines. Gas-fired generation is seen rising 15% between 2017 and 2050, although its share of global electricity declines from 21% to 15%. Fuel burn trends globally are forecast to be dire in the long run for the coal industry, but moderately encouraging for the gas extraction sector. NEO 2018 sees coal burn in power stations falling 56% between 2017 and 2050, while that for gas rises 14%. The bearish outlook for coal means that NEO 2018 offers a more upbeat projection for carbon emissions than the equivalent report a year ago. BNEF now sees global electricity sector emissions rising 2% from 2017 to a peak in 2027, and then falling 38% to 2050. However, this would still mean electricity failing to fulfill its part of the effort to keep global CO₂ levels below 450 parts per million – the level considered by the Intergovernmental Panel on Climate Change to be consistent with limiting the rise in temperatures to less than two degrees Celsius. Matthias Kimmel, energy economics analyst at BNEF, commented: “Even if we decommissioned all the world’s coal plants by 2035, the power sector would still be tracking above a climate-safe trajectory, burning too much unabated gas. Getting to two degrees requires a zero-carbon solution to the seasonal extremes, one that doesn’t involve unabated gas.”

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BNEF’s New Energy Outlook is underpinned by the evolving economics of different power technologies, and on projections for electricity demand fundamentals such as population and GDP. It assumes that existing energy policy settings around the world remain in place until their scheduled expiry, and that there are no additional government measures. Among the other highlights of NEO 2018 are high penetration rates for renewables in many markets (87% of total electricity supply in Europe by 2050, and 55% for the U.S., 62% for China and 75% for India). It also highlights a shift to more ‘decentralization’ in some countries such as Australia, where by mid-century consumer PV and batteries account for 43% of all capacity. NEO 2018 also analyzes the impact of the electrification of transport on electricity consumption. It estimates that electric cars and buses will be using 3,461TWh of electricity globally in 2050, equivalent to 9% of total demand. About half of the necessary charging is forecast to be done on a ‘dynamic’ basis, taking advantage of times when electricity prices are low because of high renewables output. This analysis draws on BNEF’s latest Electric Vehicle Outlook, published on May 21, which predicted that EVs would account for 28% of global new car sales by 2030, and 55% by 2040. Electric buses are expected to dominate their market even more decisively, reaching 84% global share by 2030. More information on BNEF’s New Energy Outlook 2018 can be found at https://about.bnef.com/new-energy-outlook/ including a free public report with high-level findings. Source: Bloomberg NEF

JinkoSolar supplies 275.4 MWdc of solar modules to Green Light Contractors in South Australia 20 June JinkoSolar Holding Co., Ltd. ("JinkoSolar" or the "Company") (NYSE: JKS), a global leader in the solar PV industry, today announced that it has supplied 275.4 MWdc of high efficiency modules to Green Light Contractors Pty Ltd for use in the Bungala Solar Farm near Port Augusta, South Australia, which is owned by a joint venture between Enel Green Power and Dutch Infrastructure Fund. Green Light Contractors, a subsidiary of Elecnor Group is EPC contractor for the Bungala project, which recently completed and started production at its first 137.7 MWdc phase. The Bungala project is the largest solar PV project under construction in Australia. "Bungala Solar Farm is nowadays a reference in the Australian solar scene. Green Light Contractors is really proud of being entrusted with the engineering, procurement and construction of this important milestone for the renewable energies in South Australia" said Pedro Fernandez, Green Light Contractors Projects Responsible for Australia. "Working closely with JinkoSolar in the supply of PV modules is for sure one of the keys of the good results that this Project may achieve." "We are pleased to work with Green Light Contractors on this remarkable project in South Australia," commented Mr. Gener Miao, Vice President Global Sales and Marketing of JinkoSolar. "The Australian market is growing rapidly. We are working closely with local developers to build sustainable partnerships where they will be able to maximize their return on their investment from the superior performance of JinkoSolar's products." Source: Jinko Solar

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Genex receives indicative term sheet from the Northern Australia Infrastructure Facility for up to $516 million of concessional debt funding for the Kidston Stage 2 Project 20 June Genex Power Limited (ASX: GNX) (Genex or Company) is pleased to announce that the Northern Australia Infrastructure Facility (NAIF) Board has expressed its support for the development of the financing structure for Genex’s Kidston Stage 2 project (the Project) through the provision of an indicative term sheet for a long-term concessional NAIF debt facility for up to $516 million (Term Sheet). The NAIF Term Sheet provides for a secured, long tenor subordinated loan of up to $516 million to the Project, and is subject to a number of conditions and customary terms for a project financing term sheet, including the following: • negotiating offtake arrangements and grid connection for energy and dispatch rights for the Project to the satisfaction of NAIF; • concluding a cost benefit analysis in accordance with the provisions of the NAIF Investment Mandate1, which will be important in determining the level of concessionality that NAIF can offer the Project; • finalising terms for senior debt funding; • securing the balance of equity funding from an acceptable equity partner; • due diligence on a range of Project matters; • negotiation and execution of project and facility documentation; and • final NAIF credit approval and Board Investment Decision. Each of these conditions, including key project elements which need to be further developed, will need to be satisfied and due diligence completed prior to the NAIF Board making an Investment Decision. The Company is continuing to progress each of the Term Sheet conditions alongside its other Project workstreams with the objective of reaching

financial close by the end of CY2018. Genex looks forward to providing further progress updates to the market as each of these milestones are achieved. In commenting on today’s announcement, James Harding, CEO of Genex said: “Genex is very pleased to work with NAIF in the development of the Kidston Stage 2 Project. The issuance of the Term Sheet and NAIF’s support to negotiate the detailed terms of a long tenor, concessional loan which would secure the bulk of the Project debt funding, is a significant milestone in the development of the Project. We wish to thank NAIF for their strong support and look forward to working with them over the coming months as we move towards achieving financial close in the latter half of the year.” Ms Laurie Walker, CEO of NAIF, also commenting on today’s announcement said: “NAIF’s indication of this support will assist Genex to advance its discussions with other Project counterparties and to prove up the Project fundamentals. This is a demonstration of how NAIF can work with stakeholders to help them understand how its concessional financing can support the development of a project which has the potential to provide substantial benefits to Northern Australia. NAIF sees the Project as important for the transition of the market to lower emission renewable energy sources, and the Board’s preparedness to consider a capital commitment of the size referred to in this announcement reflects the alignment of this type of project with NAIF’s objective to contribute to the transformation of Northern Australia through infrastructure development.” 1 Northern Australia Infrastructure Facility Investment Mandate Direction 2018. Source: Genex Power

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Genex Kidston announcement welcome 20 June Minister for Resources and Northern Australia Matt Canavan has welcomed the announcement of a potential loan to the Kidston power project by the Northern Australia Infrastructure Facility (NAIF). “This is a reflection of the work going on to progress several significant projects across Northern Australia,” Minister Canavan said. “At this stage, NAIF has not made a final decision on a loan for the Kidston project. The NAIF board has provided Genex with what is called an ‘indicative term sheet’ for its Kidston solar and hydro project. “The NAIF Board has not yet made an Investment Decision nor has it given any commitment for financial assistance.” Minister Canavan said the Government recently amended the NAIF’s investment mandate to be more flexible about the types of projects it could invest in and the indicative term sheet issued by NAIF was a direct response to the Investment Mandate changes. The indicative term sheet outlines the basis on which NAIF could provide the project with a subordinated loan facility of a maximum of $516 million with a tenor of 28 years. It includes a number of conditions and significant commercial agreements to be put in place by Genex, as well as due diligence to advance the project to a potential NAIF Investment Decision. Minister Canavan said the Genex project included a 250-megawatt pumped hydro project, which would have 1,500 megawatt hours’ storage capacity, a 270-megawatt solar project and a 150-megawatt wind farm. It would generate about 500 jobs during the construction phase over a three-year period

and 20 fulltime jobs over the 100-year life span of the project. “Genex’s Kidston project is one of several progressing through the various stages required before approval,” Minister Canavan said. “There are currently 97 active projects in the NAIF pipeline, with 18 projects in the ‘due diligence’ phase.” Source: Federal Government

Townsville Port booming with renewable pipeline 20 June An estimated $4.2 billion pipeline of renewable energy projects underway or financially committed across Queensland are driving up business through the Port of Townsville. Visiting the Port today, Deputy Premier, Treasurer and Minister for Aboriginal and Torres Strait Islander Partnerships Jackie Trad said that this will significantly benefit the local economy. “The Budget I handed down last week was firmly focused on delivering the jobs and industry for future North Queenslanders,” Ms Trad said. “Renewable energy will be a key driver of these jobs. You can see that at the Port of Townsville where more than 60% of the imports this financial year have been for renewable energy projects. “Companies like Jinko Solar are also getting on board, ensuring that their components of the Haughton Solar project are directed through the Port, to keep jobs local. “That’s why we’re investing in the channel-widening so that the Port of Townsville can continue to grow with North Queensland. “Unfortunately, the Turnbull LNP Government are refusing to support our State once again.

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“We’ve put $75 million on the table, we’re getting on with the job of delivering for Queensland but the LNP just won’t contribute or support the thousands of local jobs reliant on this industry.” Member for Mundingburra and Minister for Communities, Disability Services and Seniors Coralee O’Rourke said that the local economic benefits are positive. “The recent shipment of 36 blades and 3,500 tonnes of cargo will form part of the world’s first hybrid large-scale power plant,” Mrs O’Rourke said. “This translates to more jobs for Queenslanders and a stronger local economy.” Member for Thuringowa Aaron Harper said that increasing investment in renewables for the North meant jobs for Townsville. “Renewable energy projects are booming under our Palaszczuk Government and these imports are evidence of that,” Mr Harper said. “We’re committed to ensuring we reach 50% renewables by 2030 and the investment in renewables that we’ve seen in this year’s Budget will help us attain this important target.” Member for Townsville Scott Stewart said that the Palaszczuk Government’s Investment into port lands and berths has seen facilities and operating efficiencies continuously improve. “This year’s Budget allocates $18.6 million for 2018-19 out of a $27.3 million total spend to commence acquisition of Berth 4 cranes and development of associated cargo terminal areas to cater for future trade growth,” Mr Stewart said. “This increases the competitiveness of the Port of Townsville and allows the Port to receive larger cargo containers like the recent shipment of wind turbine blades.

“Shipments like this mean filled shifts at the Port, greater job opportunities and more renewable energy projects getting the material they need from a local Port at a faster rate.” Source: Queensland Government

WIRSOL Energy Signs two New Power Off-Take Agreements with SIMEC ZEN Energy 20 June WIRSOL Energy has reached a landmark agreement with SIMEC ZEN Energy, the Australian energy arm of Sanjeev Gupta’s GFG Alliance, by contracting the majority of energy production from two large Australian Solar Farms. The long-term supply agreement has been reached with the Australian division of international developer WIRSOL Energy to purchase energy from their 89MWp Clermont Solar Farm, north of Emerald in Queensland and their 110MWp Wemen Solar Farm, near Mildura in Victoria. The projects commenced construction in December 2017 and are due to be commissioned in the fourth quarter of 2018. The Clermont Solar Farm will produce the equivalent energy to power 31,000 homes saving 184,000 tonnes of CO2 emissions and the Wemen Solar Farm the equivalent energy of 34,000 homes saving 256,000 tonnes of CO2 emissions. Managing Director of WIRSOL Energy, Mark Hogan said: “We are delighted to have signed two power purchase agreements with SIMEC ZEN Energy. The signing of these PPAs mark another important milestone for WIRSOL in Australia as we move towards our target of 1GW of solar energy by 2020. We share SIMEC ZEN’s vision of delivering cheaper, more reliable and environmentally sustainable energy and we see strong alignment between our businesses.”

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Wirsol has five solar projects spread across Victoria and Queensland, each due to be connected to the national power grid by the end of 2018. The five projects have a combined 397 MW of capacity with the recently commissioned Gannawarra solar project in Victoria to be supported by a 25 MW / 50 MWh Tesla Powerpack battery, making it one of the largest solar and battery storage systems globally, and Australia’s biggest. Source: WIRSOL Energy

Further securing Tasmania's energy supply 21 June The potential redevelopment of Tarraleah Power Station, which would create hundreds of jobs in Tasmania’s Central Highlands, is gaining momentum thanks to further support from the Turnbull Government. Following positive results from an initial pre-feasibility study, the Turnbull Government, through the Australian Renewable Energy Agency (ARENA), is providing up to $2.5 million for a full feasibility study into the redevelopment of Tarraleah. “Tarraleah currently generates around 634 gigawatt hours per year of largely base load energy, representing six-and-a-half per cent of Hydro Tasmania’s annual generation,” Minister Frydenberg said. “Redevelopment of the hydroelectric power station would not only further secure Tasmania’s energy supply, but also create regional jobs.” The pre-feasibility study found redeveloping Tarraleah to optimise its capacity would be the most viable option to support demand on an energy market that has a variable level of renewable energy. It would allow the hydroelectric power station to provide a broader range of market services.

The $5 million full feasibility study will assess the viability to expand Tarraleah from 104 megawatts to 220 megawatt. If developed, the project would create hundreds of jobs across the Derwent Valley and Tasmania. “The Turnbull Government is committed to securing Tasmania’s energy supply and these feasibility studies help us investigate future development opportunities,” Minister Frydenberg said. “The potential redevelopment of the Tarraleah Power Station builds on the identification of 14 high potential pumped hydro energy storage sites across Tasmania, which early modelling shows, if developed, would create up to $5 billion of investment and around 3000 regional jobs.” Source: Federal Government

Blades now turning at ACCIONA's Mt Gellibrand wind farm 21 June - Commissioning process under way - Full production scheduled for August The first turbine has now been switched on and the blades have started turning, generating the first megawatts of renewable energy at ACCIONA’s Mt Gellibrand wind farm in Victoria. A commissioning process designed to test the turbines and their electrical connections is now under way. As the 44 turbines come online, energy production will ramp up to around 66MW in July, and the full 132MW capacity in August. Total output will power approximately 60,000 homes. Construction work began in April 2017 and is now largely complete, with most turbines finished and just a few remaining blades to be installed over the coming days. Civil, substation and electrical works are now

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complete, laying the groundwork for commissioning. “It’s a great moment for the team, the local community and Victoria,” said Brett Wickham, ACCIONA Energy Australia’s Managing Director. “This project represents a $258 million investment in the state and in the Australian renewables sector. We are immensely proud to see energy production starting. We are also grateful to the local community for their support over the past year, and to all the employees and local contractors for their hard work and dedication in reaching this milestone.” The construction of the project followed a public tender process, in which the Victorian Government committed to purchasing the renewable energy certificates generated from 66MW of Mt Gellibrand. These certificates will contribute to the state’s renewable energy generation targets of 25 per cent by 2020 and 40 per cent by 2025. Mt Gellibrand will be ACCIONA Energy's fourth wind farm in Australia, after Cathedral Rocks (64 MW in South Australia), Waubra (192 MW in Victoria) and Gunning (46.5 MW in New South Wales). Australia, where ACCIONA has 302.5 MW, ranks fourth in the company's portfolio of wind assets after Spain, the USA and Mexico. In addition to developing company-owned facilities, ACCIONA previously built and commissioned a photovoltaic plant near Canberra for a third party, with a rated capacity of 20 MW. Source: ACCIONA

Sector changes deliver improved gas supply outlook for Australia’s east coast markets 22 June A change in international market dynamics, lower demand for gas-powered generation, new pipeline interconnections and the Federal Government’s Australian Domestic Gas Supply Mechanism (ADGSM) have delivered an improved outlook for Australia’s east-coast gas markets. The Australian Energy Market Operator’s (AEMO) 2018 Gas Statement of Opportunities (GSOO) provides a 20-year outlook for Australia’s east-coast gas sector. “The 2018 GSOO outlines a number of rapid responses made by industry and government based on our concerns raised around forecast shortfalls in the 2017 GSOO update and the 2018 Victorian gas planning report,” said Executive General Manager, Planning and Forecasting, David Swift. “Alongside international market changes, newly committed electricity generation resources have resulted in a favourable increase of gas availability for the east-coast market,” said Mr Swift. The report on Australia’s gas sector reflects the ongoing interdependency between Australia’s gas and electricity industries, as a record amount of recently committed renewable generation is forecast to reduce the east coast’s reliance on gas-powered generation (GPG) for electricity. “With over 4,000 megawatts (MW) of wind and solar coming online in the next two years, our forecasts show that GPG demand could be even lower than the projections in our 2017 GSOO, as the role of GPG transitions to focus more on meeting demand when renewable generation is low,” said Mr Swift.

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“However, an increased need for GPG due to weather related or contingency events could still adversely impact this forecast, and tighten the supply demand balance once again,” said Mr Swift. The report also reflects the connection between Australia’s domestic and international gas markets, as minor changes in Liquified Natural Gas (LNG) exports provide additional supply to the east-coast. "The international oversupply of LNG capacity and the emerging spot Asia-Pacific LNG market means that international buyers are forecast to source less gas from Australian LNG producers in the short-term," said Mr David Swift. "Coupled with the current supply conditions on the east coast, this will mean that LNG producers will be able to provide up to eight petajoules more than previously expected to the domestic market, which is a minor, but favourable addition to the east coast’s dynamic supply demand balance" said Mr Swift. The forecast reduction in LNG exports has also coincided with a seven petajoule net increase of east-coast domestic production and a new Northern Gas Pipeline, which will be able to supply up to 90 terajoules of gas a day to Mount Isa from December 2018. In the longer-term, the 2018 GSOO highlights the need for additional gas supply reserves to be developed, as existing fields ramp up their production to meet short-term demand. "While southern producers have informed AEMO about their forecast production increase from the southern gas fields, AEMO’s 2018 GSOO forecasts still show that further

exploration and development will be needed to meet demand from as early as 2022," said Mr Swift. AEMO would like to thank industry members for providing an update to the GSOO figures, and looks forward to collaborating closely with the industry and governments on managing the secure supply of gas along Australia’s east coast. Source: AEMO

May Large-scale Renewable Energy Target market data now available 22 June The Clean Energy Regulator has released May 2018 Large-scale Renewable Energy Target market data. May highlights -49 power stations with an installed capacity of 443 megawatts (MW) were accredited. This is the largest number and capacity of power stations accredited in a month since 2001. More power stations have been accredited to date in 2018 than for the whole of 2017. - The commercial and industrial sector continues to grow with 33.4 MW of capacity accredited so far in 2018. This has surpassed the 27.2 MW of capacity accredited in this sector in 2017. - 727 MW of capacity was fully financed last month, the highest month so far in 2018. Visit the Large-scale Renewable Energy Target market data for more information and data. Source: Clean Energy Regulator