16 Dec Newcrest progresses towards carbon emissions reduction target with renewables PPA
Newcrest Mining has entered into a 15-year renewable Power Purchase Agreement (PPA) with Tilt Renewables for future energy supply to its Cadia gold mine in New South Wales, Australia.
The PPA, along with an expected decarbonisation of electricity generation in NSW, will deliver an approximate 20% reduction in Newcrest’s greenhouse gas emissions. The Australian mining giant is aiming for a 30% emissions reduction by 2030.
ASX and NZX-listed Tilt is a clean electricity generator which owns and operates the Rye Park Wind Farm in NSW, amongst other solar and wind assets in Australia and New Zealand.
Newcrest will contract for around 55% of Rye Park’s planned 400MW output when commercial operations commence from January 2024. The supply deal is equivalent to more than 40% of Cadia’s projected energy demand in 2024.
Rye Park will become the largest wind farm directly enabled by a corporate PPA in Australia and the project is now expected to move from the development stage into financing and construction.
“We are delighted to partner with Tilt Renewables on this exciting development project,” said Newcrest MD and CEO Sandeep Biswas. “This is a critical step in our transition to sustainable energy use at our operations.
“As part of our Climate Change Policy released last June, we have committed to a significant reduction in emissions intensity, and this agreement is a major step towards delivering on that objective,” he added.