Meridian secures financing for Macarthur wind project

Sep 9, 2011 - New Zealand's Meridian Energy said today that it has agreed a AUD-386-million (USD 404m/EUR 294m) syndicated financing package to meet the debt portion of its funding commitment to the Macarthur wind project.

The 420 MW wind farm under construction in Victoria, Australia is a 50:50 joint venture between Meridian and Australian utility group AGL. The project is described as the southern hemisphere's largest wind farm. It is expected to be completed in 2013 and cost around AUD 1 billion.

The debt package was arranged by Australia and New Zealand Banking Group and besides bank funding also includes export credit agency financing.

(AUD 1 =USD 1.047/EUR 0.762)

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