December 21 (Renewables Now) - Goldwind Australia said today it has secured nearly AUD 700 million (USD 536m/EUR 451m) in financing its 530-MW Stockyard Hill wind project in Victoria, touted as the largest in the southern hemisphere.
The Australian unit of Chinese wind turbine maker Xinjiang Goldwind Science & Tech Co Ltd (HKG:2208) has obtained funds from a consortium of lenders led by the National Australia Bank (NAB). The group of banks included three Australian, three Japanese, two European and one Chinese lenders. Namely, those were Dutch ABN AMRO (AMS:ABN), France-based Societe Generale (EPA:GLE), The Bank of Tokyo-Mitsubishi UFJ ltd, Japan’s Mizuho Bank and Sumitomo Mitsui Banking Corp, Australian Westpac Banking Corp (ASX:WBC), the Commonwealth Bank of Australia, and the Industrial and Commercial Bank of China (ICBC).
The wind project, to be located in Western Victoria, will be powered by Goldwind’s GW3 turbines. Balance of plant services for the project will be provided by a joint venture between Canadian engineering and construction group SNC-Lavalin Group Inc (TSE:SNC) and Australia’s WBHO Infrastructure.
Goldwind expects preliminary works to begin soon, with full construction activities to be underway in the first quarter of 2018. Once completed, the plant will sell its output to Australian utility Origin Energy Ltd (ASX:ORG) under a long-term power purchase agreement (PPA).
The Chinese developer agreed to buy the Stockyard Hill wind project from Origin Energy in May for AUD 110 million. The partners then negotiated a PPA price for the output of the plant at below AUD 60 per MWh.
(AUD 1.0 = USD 0.766/EUR 0.645)