RES has confirmed Innagreen as the long-term equity partner for the proposed 436.5 MW Tarong West Wind Farm in Queensland, replacing Stanwell under an existing option structure.

The core shift is simple: a government-backed utility stepped aside for a specialist renewable investor, while retaining exclusivity over long-term offtake. Capital and execution risk move to Innagreen; revenue negotiations stay anchored with Stanwell.

The project is now fully permitted at the federal level, with EPBC approval secured, state development consent in place, and a grid connection letter issued. With up to 97 turbines and construction employment projected at 450+ jobs, this is no longer a speculative pipeline asset. It is moving toward financing and build.

Commercially, this signals two things. First, developers are increasingly locking in long-term capital partners before financial close to strengthen bankability. Second, utilities are becoming more selective—preferring contracted offtake exposure over development and construction risk.

In a tightening capital environment, equity is flowing to projects that have cleared permitting and grid milestones. Tarong West fits that profile. The market is rewarding readiness, not ambition.

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