| World news Australia Govt funds approved for Hells Gates Dam in Queensland, Australia
Funding of $5.4 billion has approved by the Australian federal government to build the Hells Gates Dam in North Queensland. Through the 2022–23 Budget, the Government will guarantee the funding to build the dam, subject to the completion of the final stage of the business case, which is expected in June this year. Hells Gates is anticipated to open up as much as 60,000 hectares of irrigation across three agricultural zones in the Burdekin, supported through a 2100-gigalitre dam and bolstered by three downstream irrigation weirs. It is also is expected to create more than 7000 jobs and inject up to $1.3 billion of Gross Regional Product (GRP) into North Queensland’s economy during construction alone. During operations, new and expanded agricultural opportunities are expected to support more than 3000 regional jobs and generate up to $6 billion in GRP. “We need to build more dams in Australia. Building dams makes our economy stronger by supporting our agricultural industries to realise their true potential,” Prime Minister Scott Morrison said. “Water is a precious resource and we need more dams to better use that resource. “We’ve done the homework on Hells Gates Dam and it’s now time to get on and build it. We have put our money on the table, so let’s cut the green tape, get the approvals and get it done.” Deputy Prime Minister and Minister for Infrastructure, Transport and Regional Development Barnaby Joyce said the Government’s investment would help North Queensland realise its full potential.
“North Queensland holds enormous agricultural opportunity and this funding for Hells Gates is part of our plan to unlock this major irrigation expansion,” the Deputy Prime Minister said. “Irrigating the regional soils of the Burdekin will help the region realise its full potential as a producer of the food Australians and the world needs, driving us closer to taking agricultural production to over $100 billion a year by 2030. This will create more jobs and generate more wealth for our nation. “The sooner water flows in the west, the sooner we can sell more
products to the world and earn the money that will help make Australia as strong as possible as quickly as possible. We have put the money to build Hells Gates in the bank and we are ready to get on with the job.” Federal Member for Herbert Phillip Thompson said the project would
have a significant flow-on effect for Townsville. “We’ve backed this project right from the start because it is something that will create jobs and drive the economy forward,” he said. The announcement builds on the suite of dams and water infrastructure projects the Coalition is already investing in and delivering across Queensland, including: $600 million towards the restoration of Paradise Dam; $505.65 towards the delivery and construction of Urannah Dam; $183.6 million towards the Rookwood Weir; $180 million towards the Hughenden Irrigation Scheme; and $30 million towards the Big Rocks Weir.
Global Voith completes acquisition of Voith Hydro’s shares from Siemens Voith’s joint venture partnership with Siemens Energy has come to an end, with Voith successfully completing the acquisition of the remaining shares in Voith Hydro from its former partner. The acquisition was completed on 1 March after all the necessary official approvals were obtained. The agreement for Voith to take over the remaining 35% stake in the former Voith Siemens Hydro Power Generation GmbH & Co. KG was originally announced back in October 2021. “We are extremely pleased to have completed the acquisition as planned. With this move, we are continuing to systematically pursue our strategy of strengthening our core business in the field of sustainable technologies,” said Dr. Toralf Haag, CEO of the Voith Group. “As a full-line supplier of hydropower technology, we are ideally placed to exploit the potential of hydropower in the renewable energy mix. In doing so we are making a substantial contribution to the shift to renewable energies and the decarbonization of the industry.” In 2000, Voith and Siemens Energy established Voith Siemens Hydro Power Generation GmbH & Co. KG as a joint venture, to combine the turbine expertise of Voith with the generator capabilities of Siemens. Voith said because it now has its own extensive expertise in this area as a full-line supplier, the original joint venture structure is no longer relevant for the company’s business operations.
Gabon
MIGA supports first private sector led hydro plant in Gabon The Multilateral Investment Guarantee Agency (MIGA) has issued guarantees to Meridiam for equity investments into Asonha Energie SA, which will build and operate the 35MW Kinguélé Aval Hydropower Plant in Gabon – the first project developed by an independent power producer (IPP) in the country The 20-year guarantees totaling €25.3 million (approximately US$28.7 million) provide protection from breach of contract, expropriation, transfer restriction and currency inconvertibility, and war and civil disturbance. MIGA guarantees for this project are considered critical given Gabon’s electricity sector challenges and risks posed by the broader political and economic environment. Gabon has among the highest potential
for hydropower in Africa. The government of Gabon (GoG) is taking steps to transition into sustainable energy sources and create a single national integrated grid using hydropower. GoG intends to rely on IPPs to exploit its largely untapped hydro potential. “Gabon’s first IPP project highlights a commercially viable way to generate clean energy that will avoid over 90,000 tons of CO2 emissions per year,” MIGA Executive Vice President, Hiroshi Matano, said. “Working with IBRD and IFC, MIGA’s support will enhance Gabon’s electricity supply and reliability while ensuring alignment with internationally recognized performance standards.”
Asonha Energie SA was created to develop the Kinguélé Aval Hydropower Project by way of a BOT concession for 30 years. The company is owned 60% by Meridiam SAS France (Meridiam) through its Meridiam Funds. The Fonds Gabonais d’Investissements Stratégiques (FGIS), Gabon’s sovereign wealth fund, owns 40% through its wholly owned subsidiary Gabon Power Company. Kinguélé Aval will bring low-cost clean power generation capacity to support electricity demand in Gabon’s capital, Libreville, and restore financial viability of Gabon’s power sector. Additionally, the Plant will supply around 32,000 new customers, increase GDP by US$40 million, and create an estimated 880 indirect and induced jobs.
Canada Hydro to power construction phase of mining project The construction phase of the KSM mining project in British Columbia, Canada, is set to be powered by hydropower following the signing of a Facilities Agreement between Seabridge Gold’s wholly owned subsidiary, KSM Mining ULC and British Columbia Hydro and Power Authority (BC Hydro). KSM will connect to BC Hydro’s existing Northwest Transmission Line (NTL) at Treaty Creek Switching Station (TCT). This TCT is scheduled to be completed before the end of 2024. KSM Mining has completed its design for a 30km long 287 KV transmission line to
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