Rio Tinto Signs Wind-Energy Deal for Gladstone Operations
By Rhiannon Hoyle
Rio Tinto, the world's second-biggest miner by market value, said Wednesday it has signed a deal to buy the majority of electricity from a 1.4 gigawatt wind-energy project planned by Windlab in Australia's Queensland state.
The deal to buy energy from the proposed Bungaban wind farm is Australia's largest renewable power purchase agreement and will help supply power to Rio Tinto's Gladstone operations that comprise an aluminum smelter and two alumina refineries, the company said. The project is expected to start producing electricity in 2029.
Under the agreement, Rio Tinto will buy 80% of all power generated from the Bungaban wind farm over 25 years. The remaining 20% will power homes and businesses via Australia's National Electricity Market, the miner said.
Write to Rhiannon Hoyle at rhiannon.hoyle@wsj.com
(END) Dow Jones Newswires
February 20, 2024 16:41 ET (21:41 GMT)
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