{"id":3344,"date":"2023-12-17T23:29:51","date_gmt":"2023-12-17T23:29:51","guid":{"rendered":"https:\/\/economicherald.net\/?p=3344"},"modified":"2023-12-17T23:29:51","modified_gmt":"2023-12-17T23:29:51","slug":"frontier-and-waroona-combine-to-create-giant-renewable-energy-company","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=3344","title":{"rendered":"Frontier and Waroona combine to create giant renewable energy company"},"content":{"rendered":"

Frontier Energy completes acquisition of Waroona Energy
\nMerger means FHE will have generation capacity of >1GW renewable energy
\nDFS for 120MWdc solar development nearing completion
\nStage One progressing towards FID in first half of 2024 <\/p>\n

\u00a0<\/p>\n

Special Report:<\/em> Frontier Energy has successfully acquired Waroona Energy to create Western Australia\u2019s largest renewable energy development company.<\/strong>\u00a0<\/strong><\/p>\n

Back in October, the company announced its plans to acquire Waroona, which has a namesake project adjacent to its Bristol Springs renewable energy project<\/strong><\/a> in WA.<\/p>\n

The merger means the company would have a generation capacity of more than 1GW \u2013 which according to the US Energy Dept \u2013 is equivalent to 2.469 million photovoltaic (PV) panels, 310 utility-scale wind turbines, and 100 million LED bulbs.<\/p>\n

It\u2019s also just shy of the power required to send Doc Emmett Brown\u2019s DeLorean through time in Back to the Future<\/em> (1.21GW).<\/p>\n

The projects share the benefits of nearby infrastructure \u2013 including secured connections to the South West Interconnected System \u2013 for green hydrogen production and supply.<\/p>\n

Combined, Frontier Energy<\/strong>\u2019s<\/strong> (ASX:FHE)<\/strong><\/a> 114MW Stage One solar generation capacity and Waroona\u2019s 241MW solar capacity provides a potential of 355MW of renewable solar power generation, with development approvals already in place.<\/p>\n

\u00a0<\/strong><\/p>\n

Final investment decision pending<\/strong><\/h2>\n

Previously, FHE held 20% of Waroona\u2019s shares, and now, via a Canadian Plan of Arrangement (equivalent to an Australian Scheme of Arrangement) the company has successfully acquired all Waroona\u2019s outstanding shares.<\/p>\n

FHE now controls two grid connections, which will be capable of exporting >1GW renewable energy to the grid, and freehold landholding of 868ha ideal for solar, hydrogen and other renewable energy opportunities.<\/p>\n

The DFS for the Stage One 120MWdc solar development is now nearing completion, with the company eyeing a final investment decision (FID) in H1 2024.<\/p>\n

\u201cCombining Frontier and Waroona provides the opportunity to develop one of WA\u2019s largest solar projects in the fastest and most capital efficient manner, while also creating the critical mass required to secure financing,\u201d FHE MD Sam Lee Mohan said.<\/p>\n

\u201cWith the transaction complete, we are fully focused on moving stage one towards a final investment decision in 1H24.<\/p>\n

\u201cThere will be strong news flow over coming months, including the finalisation of studies and financing activities.\u201d<\/p>\n

Frontier freehold land in Waroona increases to 868ha. Source: FHE<\/p>\n

\u00a0<\/p>\n

Integrated renewable hub the goal<\/strong><\/h2>\n

The company continues to assess multiple value-added initiatives that potentially uplift solar energy valuations, including a green hydrogen-fuelled peaking power plant study due for delivery in Q1 24.<\/p>\n

The WA Government has also commenced reviewing the reference technology for reserve capacity, with early indications that it may change from a heavy-duty open cycle turbine (peaking plants) to batteries.<\/p>\n

FHE\u2019s ultimate aim is to create the state\u2019s largest vertically integrated renewable energy hub at Bristol Springs.<\/p>\n

\u201cThe company has been assessing a number of strategies that have the potential to add significant value to Stage One development plans, and we continue to assess long-term growth opportunities to make the project one of WA\u2019s largest diversified renewable energy hubs,\u201d Lee Mohan said.<\/p>\n

\u201cI thank shareholders for their continued support through 2023 as we look forward to 2024, where we expect development of the project to be in full swing by this time next year.\u201d<\/p>\n

\u00a0<\/p>\n\n

\ufeff<\/span>\u00a0<\/p>\n

This article was developed in collaboration with Frontier Energy, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n

\u00a0<\/em><\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n

<\/span><\/p>\n

The post Frontier and Waroona combine to create giant renewable energy company<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Frontier Energy completes acquisition of Waroona Energy Merger means FHE will have generation capacity of >1GW renewable energy DFS for 120MWdc solar development nearing completion [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":3345,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-3344","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nFrontier and Waroona combine to create giant renewable energy company - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=3344\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Frontier and Waroona combine to create giant renewable energy company - 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