Frontier Energy Limited (ASX: FHE; OTCQB: FRHYF) (Frontier or the Company) is pleased to announce the restructure of its board and senior management team. This follows a strategic review of the Company pursuant to the successful acquisition of Waroona Energy, and in preparation for a Final Investment Decision (FID) on the 120MWdc (Stage One) solar development in 2024.
Frontier’s Bristol Springs Renewable Energy Project (Project) is one of Australia’s largest renewable energy development projects, with approvals in place for 355MW solar power generation. Frontier is fully committed to making the Project one of WA’s largest renewable energy hubs, with multiple value adding initiatives being considered through various studies to be finalised during 2024, including green hydrogen production, hydrogen consumption in a peaking power plant, and utility scale battery storage. The Project holds significant renewable energy expansion potential, with grid connections capable of exporting >1GW.
HIGHLIGHTS
Frontier continues to drive its strategy of proactively pursuing multiple initiatives to add value to its solar development, including green hydrogen, a peaking power plant and battery opportunities1Frontier controls two grid connections capable of exporting >1GW renewable energy to the grid, and freehold landholding of 868ha ideal for solar, hydrogen and other renewable energy opportunitiesSolar development approvals in place for 355MW, ranking the Project as one of Australia’s largest solar farms once developedFrontier restructures its senior management team with a specific focus on project execution ahead of planned FID for its 120MWdc solar farm in 1H2024Appointment of Adam Kiley as Chief Executive Officer (CEO) and Warren King as Chief Operating Officer (COO). Sam Lee Mohan steps down as Managing DirectorMr Kiley was previously the CEO of Waroona Energy and has 20 years’ experience in equity capital markets and debt financing sectorsMr King is an engineer with 25 years of experience, specialising in project management of engineering, design, procurement and constructionThe Company remains fully funded until FID for Stage One with a cash balance of $12.3m2
Executive Chair Grant Davey commented: “As we advance towards a development decision in 1H2024, which includes the delivery of final development studies, both equity and debt financing, procurement and project execution, the Board decided it was the right time to realign and strengthen the senior management team to focus on project financing and development execution.
We are delighted to welcome Adam and Warren to their respective positions. Adam as the former CEO of Waroona Energy has been intimately involved in all development efforts, and his experience in capital markets will position Frontier well for FID and project financing. Warren is leading Frontier’s development studies for solar, hydrogen, peaking power plant and battery developments. Importantly, Adam and Warren bring the skills and expertise required to drive Frontier’s project development to become WA’s leading renewable energy project.
I thank Sam for his work over the past 15 months and wish him the best in his future endeavours.”
Incoming CEO Adam Kiley commented: “As CEO of Waroona Energy and having been involved with Frontier when it re-listed in 2022, I’m tremendously excited about the fantastic and unique opportunity the Company has to become a major, independent, renewable energy producer in WA.
Energy prices continue to rise in WA due to increasing demand, while there is limited new generation capacity entering the market due to grid constraints. I believe the opportunity at Bristol Springs is one of Australia’s best undeveloped renewable energy projects, and it has a tremendous head start given the vast infrastructure already in place. This should not only result in strong financial returns, which will be highlighted in a number of upcoming studies but will also contribute to providing security for WA’s energy requirements through this energy transition.”
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