Evolution Mining is moving forward with a AUD7 billion ($4.64 billion) plan to build a 2 GW/20 GWh pumped hydroelectric power plant in the pit of a 20-year-old gold mine in Australia.
Evolution Mining has submitted an environmental impact statement for the proposed 2 GW/20 GWh Mount Rawdon Pumped Hydro Project to the office of the Queensland Coordinator-General.
The Mount Rawdon project, which was declared a coordinated project by the Queensland Coordinator General in 2022, is being jointly developed by Evolution Mining and financial consultancy ICA Partners.
The parties plan to develop and operate the pumped hydro plant by repurposing a well at the existing Mount Rawdon mine, approximately 75 kilometers southwest of Bundaberg. The gold mining operation there is expected to close in 2027.
Evolution Mining said more than AUD 7 billion would be invested in the construction phase and installation of a new power generator if the project were to go ahead.
The Sydney-based company said the existing well would serve as the lower reservoir for the pumped hydroelectric plant, while a second upper reservoir would have to be built. The project is also expected to require 15 km of lateral tunnels and 2.5 km of vertical tunnels. It would have the capacity to store 2 GW of energy, allowing for up to 10 hours of uninterrupted electricity generation.
Evolution executive chairman Jake Klein said a recently completed feasibility study showed the Mount Rawdon project “is economically and socially attractive and will be the cheapest pumped hydro project per megawatt of capacity in Australia.”
The feasibility study estimates that the project could deliver lower energy prices for Queensland consumers, saving almost A$13 billion off-market over the first twenty years of operation.
Klein said the facility is ideally positioned to provide safe, reliable and clean energy to central and south-eastern Queensland as coal-fired generators are gradually retired and companies target an investment decision by December 2025.
“Mt Rawdon will become a 20,000MWh pumped hydro storage facility capable of powering up to two million Queensland homes every evening, providing vital boost capacity across the energy sector. Queensland’s transition to renewable energy,” he said.
Michael Siede of ICA Partners said the Sydney-based investment firm had identified strengthening capacity as the most strategic part of Australia’s transition to a renewable electricity grid.
“This prompted the launch of a comprehensive national study to determine the most suitable location for the development of a pumped hydro storage project,” he said. “Mount Rawdon’s low cost is due to its favorable topography, synergies with existing mining operations, proximity to the transmission grid and excellent accessibility.”
The Mount Rawdon project is among a growing list of pumped hydro projects being developed in Queensland, with the state government identifying the technology as an ideal candidate to help replace coal-fired power.
The government aims to close the state’s five coal-fired power stations by 2035 and Queensland Energy Minister Mick de Brenni said pumped hydro will play a key role in the state’s transition to renewable energy.
“Pumped hydro is a proven technology that is now ready for use,” he said.
The most advanced project is the 250MW/2,000MWh Kidston hydropower plant being built by Genex Power in northern Queensland.
State-owned Queensland Hydro is continuing with development of the proposed 2 GW/48 GWh Borumba pumped hydro project under development near Gympie and the larger 5 GW/120 GWh Pioneer Burdekin pumped hydro project near Mackay.
The Borumba project is expected to be completed in 2029, while the Pioneer-Burdekin project will not be operational until 2035.
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