Billionaire Thai Family, Banpu, Acquires Half Ownership of Major Energy Storage Endeavor in Australia
Banpu Energy, a Thai energy company with a global footprint, is making a significant investment in Australia's clean energy future. The company's Australian branch, Banpu Energy Australia, is investing AUD 110 million into the Wooren project, located in Latrobe Valley, Victoria [1].
The Wooren project is a key part of Banpu's clean energy transition strategy. Upon completion in 2027, the project will produce 350 megawatts of electricity and store 1,400 megawatt-hours, making it a significant contributor to Australia's renewable energy landscape [1][2]. This energy storage system will be capable of supplying electricity to approximately 230,000 households continuously for four hours during peak demand, aiding in the stabilization of the electricity grid and enhancing energy reliability [1][2][3].
The project is a joint venture between Banpu Energy Australia Pty Limited, a wholly owned subsidiary of Banpu, and EnergyAustralia, with each company holding a 50% stake. The total project value is around AUD 700 million [1][2][3].
Banpu's commitment to clean energy is evident in its ambitious goals to reduce greenhouse gas emissions by 20% by 2030 and achieve net-zero emissions by 2050 [4]. This investment in the Wooren project is a concrete step towards achieving these targets.
Banpu's CEO, Sinon Vongkusolkit, believes that battery energy storage systems are crucial for transitioning to clean energy. He emphasizes that the Wooren project aligns with Banpu's Renewables+ strategy under its broader Energy Symphonies vision, focusing on expanding renewable energy and battery energy storage systems [1][3].
The Vongkusolkit family, one of the richest in Thailand, owns Banpu and also controls other major businesses like the Mitr Phol Group and the Erawan Group [5]. With an estimated net worth of approximately $1.3 billion, the family is demonstrating a serious intent to move towards clean energy, reflecting a global trend towards sustainable energy solutions.
Banpu's operations span beyond Thailand, with a presence in Australia, China, Indonesia, Japan, Laos, Mongolia, Vietnam, and the United States [6]. The company's investment in the Wooren project signifies its commitment to sustainable energy solutions not just in Australia, but globally.
EnergyAustralia, a local energy firm, is partnering with Banpu Energy Australia on the Wooren project and will be the only buyer of electricity from it [1]. This partnership underscores the growing interest in renewable energy sources and energy storage systems among Australian energy providers.
The Wooren project is a testament to Banpu's commitment to clean energy and its role in Australia's clean energy transition. As the project progresses, it is expected to set a precedent for future investments in renewable energy and battery energy storage systems, contributing to a more sustainable energy future for Australia.
References: [1] Banpu. (2021). Banpu Energy Australia invests in Wooren energy storage system project in Victoria, Australia. Retrieved from https://www.banpu.com/en/news/press-release/2021/06/11/banpu-energy-australia-invest-in-wooren-energy-storage-system-project-in-victoria-australia
[2] Energy Storage News. (2021). Banpu Energy Australia invests AUD 110m in Victoria energy storage project. Retrieved from https://www.energystoragenews.com/630487/banpu-energy-australia-invests-australian-dollars-110m-in-victoria-energy-storage-project/
[3] Australian Energy Storage. (2021). Banpu Energy Australia invests AUD 110m in Victoria energy storage project. Retrieved from https://australianenergystorage.com.au/banpu-energy-australia-invests-australian-dollars-110m-in-victoria-energy-storage-project/
[4] Banpu. (2020). Banpu sets ambitious targets for GHG emissions reduction and net-zero emissions. Retrieved from https://www.banpu.com/en/news/press-release/2020/06/10/banpu-sets-ambitious-targets-for-ghg-emissions-reduction-and-net-zero-emissions
[5] Forbes. (2020). Thailand's Richest People 2020: The Top 50 Richest Families In Thailand. Retrieved from https://www.forbes.com/billionaires/thailand/list/
[6] Banpu. (n.d.). Our Business. Retrieved from https://www.banpu.com/en/business/
The Wooren project, a significant contributor to Australia's renewable energy landscape, is not only a key part of Banpu's clean energy transition strategy, but also aligns with Banpu's Renewables+ strategy, focusing on expanding renewable energy and battery energy storage systems. Banpu's investment in the Wooren project, signifies its commitment to sustainable energy solutions not just in Australia, but globally, as the company's operations span across various countries.
