Westpac taps NSW solar farm in shift to 100% renewables

Westpac has committed to source the equivalent of 100 per cent of its power needs from renewable energy resources by 2025, starting with a power purchase agreement with the Bomen Solar Farm, set to be built near Wagga Wagga in New South Wales.

Westpac revealed the solar off-take deal alongside news it had signed up to the global RE100 movement, becoming the fourth Australian company and the third major bank to do so.

The PPA commits Westpac to purchase just over a quarter of the 120MW solar farm’s output under a 10 year agreement covering both the electricity and LGCs.In an interesting twist to the deal, the $188 million Bomen solar project was at around the same time bought by major network owner Spark Infrastructure, as a first move beyond owning regulated network assets and into renewables.

For Westpac, the deal puts the big-four Australian bank well on the path to 100 per cent renewables, delivering a 45 per cent transition by 2021 for the bank globally.“We see our move towards the use of renewable energy in our operations as being key to delivering on our existing climate change and sustainability commitments,” said Westpac chief operating officer Gary Thursby

“When it comes to renewable energy, the advancement of technology and reduction in cost has presented a great opportunity to make this transition in a cost effective way.”