It will allow them to offer wholesale prices below A$70/MWh for a flat load up to 15 years.
Snowy Hydro signed contracts for eight wind and solar projects with a total of 888MW, located across New South Wales and Victoria and expected to generate about 2.8 terawatt hours of energy annually.
According to an announcement, this concludes its Renewable Energy Procurement Programme, which saw over 17,600MW of projects submitted through the procurement process.
These contracts will allow the company to offer wholesale prices below A$70/MWh for a flat load up to 15 years.
"This will bring on significant new energy supply and therefore much-needed competition to the market, and will enable Snowy Hydro to pass on lower wholesale prices to our customers," the company said.
All eight winning projects are expected to come online within the next two years.
Photo by Takver from Australia - Alltwalis Wind Farm near Pencader, Wales, CC BY-SA 2.0
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