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Rio Tinto Ltd (RIO.AX) has recently made an important move towards renewable energy. The company has signed a significant agreement with Windlab, a specialist renewable energy firm, to purchase the majority of electricity from its planned 1.4 gigawatt (GW) wind energy project in Queensland. Under this agreement, Rio Tinto will buy 80% of all power generated from the Bungaban wind energy project over 25 years, making it the world's largest iron ore producer to commit to such a substantial renewable energy purchase.
The Bungaban wind energy project, currently in its early development stages, will be constructed and operated by Windlab in Queensland, pending development and grid connection approvals. Construction of the project is expected to commence in late 2025, with electricity production slated to begin in 2029, as per Rio Tinto's statement.
According to Rio Tinto's Chief Executive, Jakob Stausholm, this agreement with Windlab represents a significant step in the company's efforts to transition its Gladstone operations towards renewable energy, ensuring a sustainable future for heavy industry in Central Queensland.
In addition to providing the majority of its electricity needs through the Bungaban project, Rio Tinto has also secured a deal with European Energy Australia to purchase all electricity from the 1.1 GW Upper Calliope solar farm for its Gladstone operations. Together, these agreements mark Rio Tinto's commitment to reducing its carbon footprint and embracing renewable energy sources.
By securing renewable power purchase agreements for these projects, Rio Tinto is not only taking a significant step towards reducing its carbon emissions but also contributing to the growth of renewable energy in Australia's National Electricity Market. This move aligns with Rio Tinto's broader sustainability goals and demonstrates its commitment to responsible environmental practices.
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