Copenhagen Infrastructure Partners (CIP) is adding pumped hydro to its existing pipeline of onshore wind, solar PV, and battery energy storage in Queensland.
CIP has acquired the clean energy projects that comprise the Bowen Renewable Energy Hub on behalf of its flagship fund Copenhagen Infrastructure IV. This includes a 750MW / 16 hour pumped hydro project that has been configured to help meet Queensland’s future low emissions energy needs. The project portfolio will be renamed the Capricornia Energy Hub.
The Queensland Government has recently confirmed the importance of pumped hydro storage through its Queensland Energy and Jobs Plan. CIP and the Capricornia team look forward to working with government to align public and private pumped hydro investment to ensure staged and scaled storage development over the medium and longer term.
“We are excited about adding pumped hydro to CIP’s existing pipeline of onshore wind and battery energy storage in Queensland which we consider one of the best places in Australia to invest in clean energy,” said Jørn Hammer, Head of CIP Australia.
“The first CIP projects in Australia will be in Queensland, and we look forward to strengthening ourpartnership with government, local communities and industries, and environmental stewards.”
Queensland Government owned CS Energy signed a Memorandum of Understanding with the project earlier this year and is considering options such as a power purchase agreement, equity funding and project operations.
“This project provides an opportunity to further diversify our portfolio so that we have a balanced mix of energy sources to support our customers’ requirements and Queensland’s energy needs,” CS Energy CEO Andrew Bills said.
“Pumped hydro energy storage is widely recognised as a crucial technology in Australia’s energy transformation because it can provide fast response power and is complementary to wind and solar.”
The Capricornia project team will now focus on progressing technical development and environment assessment as a standalone energy project, with the new Capricornia Energy Hub no longer associated with the proposed Urannah Dam. CIP has already held introductory discussions with local environment stakeholders and looks forward to a close partnership to deliver large-scale clean energy while maintaining strong environmental outcomes.
The Capricornia development team will also focus on strengthening community outcomes, including assessing and growing local industry capabilities and greatest possible outcomes for the Indigenous community.
CIP’s forward pipeline for Queensland now represents over A$10 billion in energy storage, solar and onshore wind investment decisions by the middle of this decade, with significant investment to be committed in the short term.