Former Western Australian Premier Mark McGowan AC has been appointed non-executive Chair of Frontier Energy (ASX:FHE), as the company progresses its Waroona Renewable Energy Project, south of Perth.
Mr McGowan was Member for nearby Rockingham between 1996 and 2023, and Premier from 2017. During his tenure, the Government introduced an emissions reduction target, committing to reducing emissions to 80 per cent below 2020 levels by 2030.
“I worked towards a clean energy transition for the State whilst ensuring energy security was always a priority,” Mr McGowan said.
“Frontier’s Waroona Project stands out as a significant asset in Western Australia’s transition at a time when energy security is paramount and the State continues to experience new demand records.
“I look forward to working closely with the company to ensure this strategy is realised for the benefit of shareholders, key stakeholders and all West Australians.”
It’s an all-scrip coup for the company and under the appointment which begins next month, Mr McGowan will be issued 2 million unquoted options: 1 million at 20 cents, vesting after 12 months service; another 500,000 at 25 cents after two years; and, 500,000 at 40 cents after two years.
The company has completed a Definitive Feasibility Study for the first stage of the project which comprises a 120MWdc solar farm with integrated 80MW four-hour battery storage, on 303ha of the 868ha site. It received WA’s certified reserve capacity, which allows it to go ahead with Stage One.
While Premier, Mr McGowan’s government decided Western Australia’s state-owned electricity generator Synergy would transition out of coal-fired power by 2030. It also oversaw $3.8 billion in investment in new green power infrastructure, including large-scale battery storage and renewable energy generation projects.
Frontier hopes Mr McGowan’s knowledge of government processes will assist as the Federal Government rolls out the first Capacity Investment Scheme WA tender to incentivise renewable energy investment.