Sydney Airport signed a long term Power Purchase Agreement (“PPA”) with CWP Renewables and Origin Energy, in accordance with its strategy to transition to renewable energy.
The renewable energy is sourced from two wind farms in NSW, and is supported by firming electricity under an electricity supply agreement with Origin.
ICA Partners provided strategic advice to Sydney Airport and ran a process to procure and negotiate the PPA and firming agreement. This transaction is particularly interesting given corporate PPAs are relatively new in the Australian market, and it highlighted the importance and complexity of firming to ensure fixed power prices.