Gamuda signs deal to co-develop renewable energy projects in Australia

Kuala Lumpur (July 1): Gamuda Bhd (KL:GAMUDA ) has signed an agreement with the Downie family to co-develop a portfolio of large-scale renewable energy projects in Central Tasmania, Australia.

Under the agreement, Gamuda will take an unspecified equity stake in the portfolio with a combined capacity of 600MW of wind and solar energy and up to 600MW of battery storage, the company said in a statement. The project costs were not disclosed.

Gamuda will secure development rights for the current and future projects and deliver them under sole-source engineering, procurement, and construction contracts.

“This will set the company up with a pipeline of energy construction work through to 2029,” Gamuda said.

The portfolio, which includes Weasel Solar Farm and Cellars Hill Wind Farm, has been led by the Downie family with development partner Alternate Path. The Downie family has held pastoral land in Tasmania for over 200 years.

The agreement, however, is subject to Foreign Investment Review Board approval while the project development also hinges on further planning and approvals.

Construction of Weasel Solar Farm is estimated to start in 2027 followed by Cellars Hill Wind Farm in 2028, Gamuda added.

The Central Tasmania portfolio fits Gamuda’s energy strategy to become a leading end-to-end renewable energy developer, builder, and owner of energy assets, said Gamuda’s chief strategy and growth officer Jarred Hardman.

Gamuda has been beefing up in Australia and the deal with the Downie family marks the company’s first significant investment in renewable energy development Down Under.

The company is currently engaged as a contractor for Alinta Energy’s Oven Mountain Pumped Hydro Energy Project and Copenhagen Infrastructure Partner’s Capricornia Energy Hub, and is in the midst of building the Goulburn River Solar Farm and Boulder Creek Wind Farm.