July 12 (Renewables Now) - The 112-MW Granville Harbour wind farm on the west coast of Tasmania, Australia has reached financial close and substantial construction on the facility that will use 31 Vestas turbines will now begin, it was announced on Thursday.
The Australian government's Clean Energy Finance Corp (CEFC) said it has committed AUD 59 million (USD 43.5m/EUR 37.3m) to the AUD-280-million project, including AUD 25 million in direct equity and AUD 34 million in additional equity via the Palisade Renewable Energy Fund (PREF), where it is a cornerstone investor.
The scheme, initially developed by Westcoast Wind is now owned by Palisade Investment Partners, which acquired 100% of Westcoast Wind in February 2018. Palisade has already raised senior debt from Australia and New Zealand Banking Group, MUFG Bank and Westpac Banking Corp.
The project has a long-term power purchase agreement (PPA) with Hydro Tasmania, agreed in September 2017.
Palisade said that Vestas Wind Systems A/S (CPH:VWS) will supply, commission and service the wind farm. It is due to start commercial operations in the fourth quarter of 2019.
The Granville Harbour wind farm will be the fourth asset for PREF, joining the operating wind farms Hallett and Waterloo and the under-construction Ross River solar farm. It will bring the fund's generation capacity to 50% of Palisade's 1-GW target. The company said the fund is currently open to new commitments and Suncorp has become its latest investor.
(AUD 1 = USD 0.738/EUR 0.632)