Allens has advised Intelligent Water Networks (IWN) on a corporate power purchase agreement (PPA).
In a novel move, IWN has coordinated the incorporation of Zero Emissions Water (ZEW) Limited, on behalf of 13 Victorian water corporations, to enter into a PPA to promote renewable energy generation in Victoria and to help those water corporations meet the Victorian State Government’s target of zero net emissions by 2030.
A joint Corporate and Projects team worked with IWN providing advice around how best to structure the PPA given the large number of water corporations participating in the project, drafting the member’s agreement and then drafting and negotiating the PPA.
Commenting on the project, Partner Anna Collyer said the work builds on the firm’s growing CV of corporate PPAs.
‘Our work with IWN is our first PPA with water utilities and shows the interest different industries have in structures that help meet energy and emissions targets.’
The PPA is linked to a portion of Total Eren’s proposed 200MW Kiamal Solar Farm, in north west Victoria and will demonstrate the water corporations’ shared commitment to renewable energy generation and assist them in meeting their emissions reduction obligations set by the Victorian Government.
‘As more and more businesses focus on the practical things, they can do to manage their energy costs and pursue their emissions reduction goals we expect the trend of corporate PPAs to continue,’ Anna said.
The PPA commences in October 2019.