NSW electricity transmission provider TransGrid will offer 10 gigawatts of renewable energy following a restructuring – the company split its commercial arm to a new offshoot company they’ve named Lumea.
Lumea and commercial solar in New South Wales
The NSW government recently announced a plan to attract $32b in private investment in the next 10 years – according to The Mercury, it’s focused on 12GW of renewable generation and 2GW of ‘long-duration storage’. This places Lumea in a great position to benefit from commercial solar and the projects it has on the go.
Lumea will start up with a portfolio of existing customer relationships from TransGrid, with involvement across 9,000MW of renewable energy projects currently operating or under construction, according to RenewEconomy.
The company will build, own and operate a 50MW battery at its Wallgrove substation in West Sydney. Lumea’s New England Transmission Infrastructure plan in NSW’s Hunter Valley will also result in 1400MW of renewables being added to the electricity grid.
The Transgrid website also has some information about the new spinoff:
First established in 2017 as a business division within TransGrid, Lumea has built an industry reputation as experts in designing, delivering and operating complex projects for customers. Combining proven expertise in infrastructure and telecommunication services and commercial and technical innovation, Lumea has a portfolio of over 10GW of renewable energy generation being brought into the market and is also a leading provider of telecommunications services with a focus on regional areas, data transmission and emergency broadcast services.
“Our energy system is facing a critical point. The scale of renewable energy generation to date has been substantial but we know more is required and more solutions are necessary to effect the transition to a clean energy future,” Lumea chief executive Richard Lowe said.
“Lumea is at the forefront of the transition to that future. Renewable energy is the cheapest form of electricity in the market and by accelerating that transition we’re enabling the delivery of low-emission, affordable power in greater amounts than ever before.”
TransGrid, run by Paul Italiano, is owned by a consortium of Spark Infrastructure, core infrastructure fund Utilities Trust of Australia, private equity firm CDPQ from Canada, Tawreed Investments and pension income company Omers. The consortium paid $10.3bn to buy TransGrid in 2015.
Another brick in the wall for dirty electricity as the country marches onward to large scale commercial and industrial renewable energy projects. Better late than never!