November 29 (Renewables Now) - UK infrastructure investor John Laing Group Plc (LON:JLG) has acquired a 49.8% stake in a 112-MW wind project in Tasmania, its first wind investment on the Australian island.
The interest was purchased from Palisade Investment Partners for an undisclosed sum. The remaining share of the project’s equity funding will come from Palisade’s renewable energy fund, with lending from Mitsubishi UFJ Financial Group, Australia and New Zealand Banking Group (ASX:ANZ) and Westpac (ASX:WBC), John Laing said on Wednesday.
The Granville Harbour scheme will be located in the western coast of the island and is currently in the early stages of construction. It will use 31 Vestas V126-3.6MW, which the Danish manufacturer will supply, commission and subsequently service. Once commissioned late next year, the plant is expected to generate electricity to meet the demand of over 45,000 homes. Its output will be sold to Hydro Tasmania under a long-term power purchase agreement (PPA).
The wind farm will be linked to a new transmission line, currently under construction, that will be managed by local grid operator TasNetworks.