• Group orders acquired, being finalised at €21 billion since the start of 2023, with total potential global backlog at more than €68 billion, surpassing target

• Snowy 2.0 project reset valued at €7 billion (AU$12 billion) with delivery date set for 2028

• Contract to follow Incentivised Target Cost collaborative model between client and contractor

MILAN, September 14, 2023 – Webuild grows in Australia, the biggest market for the Group outside Italy, with €7.3 billion in orders acquired or in the process of being finalised during the first eight months of 2023, bringing the backlog in the country to €13.3 billion. The result is supported by the reset of the Snowy 2.0 contract signed by the Group with its subsidiary, Clough, a partner in the Future Generation Joint Venture, and Snowy Hydro Limited to guarantee the sustainable development of Snowy 2.0, one of the largest renewable energy projects in the world. It brings to €21 billion the value of orders acquired or in the process of being finalised in the first eight months of the year at the global level, bringing the total potential backlog to more than €68 billion, including €4.5 billon of best offers and those registered by subsidiaries. The project to build a bridge across the Strait of Messina is not included. 

With the total cost to complete the Snowy 2.0 project now AU$12 billion (€7 billion), the Snowy 2.0 agreement contract reset revises some elements of the contract with Future Generation Joint Venture, including changing to an Incentivised Target Cost model, a form of collaborative contracting in which the client and the contractor operate in a more integrated structure. The project reset marks a turning point towards the completion of the biggest renewable energy project in Australia and affirms Webuild’s leadership in supporting energy transition in the countries where it operates. Snowy Hydro Limited will settle all outstanding claims with Future Generation Joint Venture. The target date for commercial operation of all units is December 2028 with first power to be delivered in the second half of 2027. The reset foresees delivery of an additional 200 MW or 10% capacity, for a total dispatchable generation capacity of 2,200 MW with 350,000 MW/h (or 160 hours) of energy storage.

With Clough, Webuild is involved in the development of a series of infrastructure projects in Australia, while expanding into new sectors. Clough recently won a contract to build a shiplift at the port of Darwin, the biggest infrastructure for the servicing and maintenance of ships in the Northern Territory. 

In Western Australia, the Group is part of a joint-venture working on one of the largest urea plants in the world for the production of fertiliser. It is also involved in the expansion of a wastewater treatment plant, the biggest in the state. In Victoria, the Group is responsible for the tunnel work on the North East Link, which will complete a highway network in Melbourne. There are also projects like Tallawarra Stage B, the country’s first net zero emissions hydrogen and gas capable power station in New South Wales. There are also Waitsia Gas Project Stage 2 Development, a gas processing plant in Dongara, as well as the the restructuring of the Lombrum naval base on the island of Manus in Papua New Guinea.

Webuild together with Clough have more than a century of experience in the country, with iconic projects such as the Melbourne City Loop, a metro line built in the 1970s. More recently, there was the construction of the skyrain viaduct and curved cable-stayed bridge for the Sydney Metro Northwest line.