Frontier Energy (ASX:FHE) has appointed former Western Australian Premier Mark McGowan as non-executive Chairman as the company transitions from renewable electricity developer to major renewable energy producer.
From 2017 to 2023, McGowan played a key role in kicking off Western Australia’s transition from fossil fuelled electricity generation towards renewables.
He was a member for Rockingham from 1996 to 2023.
As part of the appointment, which is effective as of 2 September 2024, McGowan will be issued 2 million unquoted options. The first 1 million options are exercisable at $0.20 and expire on 11 December 2027.
Frontier Energy will issue a further 500,000 options exercisable at $0.25, and a further 500,000 exercisable at $0.40, both expiring on 11 December 2027.
McGowan, who was the state’s longest serving premier, says throughout his tenure as premier, he worked towards a clean energy transition for the state while also ensuring energy security was a priority.
“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,” he says.
The appointment comes on the back of Frontier receiving certification under the Western Australian Government’s Reserve Capacity Mechanism, which ensures the South West Interconnected System (SWIS) has sufficient generation and demand side management capacity available to meet peak demand and limit expected energy shortfalls.
Executive Director Grant Davey says the reserve capacity mechanism is unique to Western Australia and allows Frontier to execute stage one of the Waroona Project.
“This is the first step in our strategy to become a large-scale producer of renewable energy,” he says.
In parallel with McGowan’s new role with Frontier, he currently has advisory roles with mining giant BHP (ASX:BHP), Mineral Resources (ASX:MIN), APM Services International and Bondi Partners.
McGowan has a Bachelor of Arts and a Bachelor of Laws from the University of Queensland.
In May 2023, McGowan announced he was stepping down as Western Australia’s premier, after holding various other portfolios during his term, including treasurer and minister for public sector management.
Under McGowan’s leadership, the state government introduced an ambitious target to reduce emissions to 80% below 2020 levels by 2030.
At the time, the Western Australian Government was responsible for the decision that will see state-owned electricity generator and retailer Synergy transition out of coal-fired power generation by 2030, and estimated $3.8 billion investment in new green power infrastructure in the SWIS.
Frontier Energy is focused on developing the Waroona Renewable Energy Project which lies 120km south of Perth in Western Australia. The company says the project has the potential to become one of the state’s largest standalone renewable energy projects.
Write to Aaliyah Rogan at Mining.com.au
Images: Frontier Energy and Mark McGowan
