Genex Power Limited, in partnership with J-POWER and co-developer Solar Choice Pty Ltd, has provided an update on the 25-year solar power purchase agreement (PPA) signed with Fortescue Ltd’s subsidiary for the Bulli Creek Solar and Battery Project (BCP). The agreement pertains to a 2GW large-scale solar farm, of which Fortescue intends to utilize 337.5MW for its green hydrogen and green ammonia facility at Gibson Island.
The PPA, originally stipulating a financial closure for the solar farm (BCS) by 31 December 2024 and a final investment decision by Fortescue on the Gibson Island project by 31 December 2023, has been adjusted. Both parties have agreed to extend the deadline for Fortescue’s final investment decision to 28 February 2024, and the financial closure date for BCS to 31 March 2025.
Genex continues discussions with external parties for additional solar offtake, potentially increasing the initial capacity of the project to 775MW. These discussions are expected to conclude by mid-2024, determining the size of the BCS project.
Despite this extension, Genex and J-POWER aim for a final investment decision on the first stage of the BCS project in the second half of 2024, with the first energy production targeted for 2026. This development aligns with Genex’s commitment to renewable energy and Fortescue’s investment in green energy solutions.
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