Pilot Energy Limited (ASX: PGY) has commenced a detailed feasibility study to pursue the development of an offshore wind and onshore wind and solar power project to be located along the offshore/onshore coast of Western Australia.
Chairman, Brad Lingo, said the project was aimed at taking advantage of well-recognised, world-class wind and solar resources of and the large new onshore gas discoveries in the North Perth Basin and Mid-West Region of WA.
The initial focus will be on the potential development in the area of Offshore Exploration Permit WA-481-P (60%- owned and Operated by Pilot) and connecting into the electricity transmission facilities of the South West Integrated System.
The study will also assess the viability of supplying energy for hydrogen production for domestic use and/or for export taking advantage of existing nearby gas supply and infrastructure.
Mr Lingo said that globally, investment in offshore wind power projects has boomed, with a particular emphasis on accessing existing offshore and onshore gas infrastructure in the overall development in order to deliver enhanced project returns.
The Mid West Wind and Solar Project is directly aligned with the strategic plan that the company announced in May 2020 and with our existing position as the operator of the Offshore Exploration Permit WA-481-P,” Mr Lingo said.
“We see this as a perfect opportunity to develop a major renewable energy transition project in the Mid-West Coast Region of Western Australia.
“This is exactly the type of development that demonstrates the ability to substantially redefine how the Australian offshore oil and gas industry can, in parallel with existing operations, participate in a low carbon future through offshore renewable energy projects delivering substantial low-cost energy to Western Australia.
“The substantial nature of the offshore opportunity in Western Australian also presents the option to supply renewable hydrogen for domestic residential and industrial consumption as well as the potential to supply international markets.
“This is only the beginning of the process to establish the overall feasibility of the Project but it is a very good first step and Pilot’s existing footprint and management experience provides a unique opportunity to participate in the energy transition as a dedicated energy solutions provider.
“Pilot strongly believes that focussing on the energy transition provides the opportunity to deliver strong growth and significant shareholder value,” Mr Lingo added.
Meso-scale maps show that Australia’s greatest wind potential lies in the coastal regions of western, south‐western, southern and south-eastern Australia and the coastal regions with high wind resources (wind speeds above 7.5 m/s) include the coast of Western Australia south of Shark Bay to Cape Leeuwin which cover the area of WA-481-P.
