WAROONA RENEWABLE ENERGY PROJECT

OVERVIEW

The Waroona Renewable Energy Project is located 120km from Perth in the South West of Western Australia, and is on track to become one of the largest renewable energy projects in Australia, with 868ha of freehold land under Frontier’s control.

The Project’s location, in close proximity to major existing infrastructure and nearby regional towns, provides several strategic advantages. The nearby 330kV Landwehr Electricity Terminal will allow the Company to sell electricity via the South West Interconnected System (“SWIS” – Western Australia’s main energy network), generating revenue from electricity sales, reserve capacity credits and other essential services in WA’s Wholesale Electricity Market (“WEM”), as well as large-scale generation certificates for renewable energy (effectively carbon credits).

The Landwehr Terminal connects to one of the highest capacity transmission lines in the SWIS. Nearby towns including Waroona, Collie and Mandurah can provide a highly skilled workforce.

Given that the WEM is facing a major supply-demand deficit, the initial development stages will focus on renewable electricity generation and storage. The Company has recently completed a DFS for Stage One of the Project, comprising a 120MWdc solar farm with integrated 80MW four-hour battery storage, on a 303ha portion of the Project. See DFS announcement here.

Key approvals, permits and access to network connections are all in place and FID is planned for 1H24. the Company has mandated debt advisers and strategic advisers to facilitate funding.

The technical concepts in the DFS are easily applied to adjacent land held by the Company to accelerate expansion into the current high demand market conditions. Frontier has secured land and potential access to the network to export multiples of Stage One capacity in future.