DP ENERGY AIMS FOR FINANCIAL CLOSE END Q1 2017 ON PORT AUGUSTA RENEWABLE ENERGY PARK

Hot on the heels of the announcement, in early August, that DP Energy had received Development Approval from the South Australian Government for their hybrid wind and solar Port Augusta Renewable Energy Park, Catherine Way, Business Development Manager, DP Energy Australia, speaking at the inaugural All-Energy Australia Investor Breakfast (Melbourne: Wednesday 5 October) announced: "We are aiming for financial close by the end of Q1 2017 and are in the process of appointing financial and legal advisors".

Hot on the heels of the announcement, in early August, that DP Energy had received Development Approval from the South Australian Government for their hybrid wind and solar Port Augusta Renewable Energy Park, Catherine Way, Business Development Manager, DP Energy Australia, speaking at the inaugural All-Energy Australia Investor Breakfast (Melbourne: Wednesday 5 October) announced: "We are aiming for financial close by the end of Q1 2017 and are in the process of appointing financial and legal advisors".


She explained: "We are currently running two parallel processes - selling the project outright or establishing debt and equity providers for the project. In either scenario DP Energy will retain a minority carry." Each DP Energy company is a private limited company with the controlling shareholdings being held by Maureen De Pietro and Simon De Pietro.

Catherine Way provided details on the ~375MW project which, when fully commissioned, will generate approximately 1,000 gigawatt hours (GWh) of clean renewable energy directly into the national electricity grid per year, enough to power about 200,000 homes and save 470,000 tonnes of carbon dioxide emissions each year. Located near the former Northern Power Station, the project will create much-needed employment in the energy sector for the Port Augusta region.

The project CAPEX is estimated to be approximately ~AUS$700 million, and will create 250 jobs over construction - peaking at some 600 over the height of that phase of the development; and 15-20 ongoing jobs. The build will involve using local South Australian businesses wherever possible, an approach that DP Energy adopts across all the jurisdictions within which it operates. DP Energy looks forward to working with the local community to find innovative ways in which to maximise the local benefits both through employment generation and by facilitating local supply chain opportunities.

As Catherine Way's slides showed, the project's added significance turns on its unique generation profile: the wind resource (installed capacity ~200MW) is primarily driven by the temperature difference between the land and sea rather than by weather systems, and hence exhibits a regular early evening peak which is well aligned with the daily peak demand for electricity.

This effect is also strongest in the summer when temperature differences are at their greatest, meaning that annual energy generation also peaks when it is most needed. When this evening wind generation temperature effect is coupled with large-scale solar generation (~175MWac - which has a midday peak) a good match to overall demand can be achieved thereby supporting the electricity network and placing downward pressure on wholesale prices.

DP Energy has successful projects in Canada, the Republic of Ireland, Northern Ireland and Scotland and, in addition to the Port Augusta Renewable Energy Park in South Australia, plans for future projects in Australia, Canada, the Republic of Ireland, Northern Ireland and Scotland - see www.dpenergy.com/projects/

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