August 12 (Renewables Now) - Swiss private markets investor Partners Group today said it has purchased a stake of an undisclosed size in CWP Renewables’ 244-MW Bango wind project in New South Wales, Australia.
The investment was made on behalf of Partners Group’s clients. The deal represents the Swiss group’s fifth investment in Australian renewables and takes its up-to-date capital commitment in the country to almost AUD 1.2 billion (USD 813.8m/EUR 726.4m).
The Bango wind project, whose cost is estimated at AUD 500 million, is ready to enter construction this month and is planned to become operational by the middle of 2021. With 46 units of General Electric’s (NYSE:GE) Cypress 5.3-MW turbines, it is expected to generate electricity for over 100,000 homes and offset more than 600,000 tonnes of carbon dioxide (CO2) emissions annually.
Following the deal, Partners Group will lead the operational roll-out of the project. A 15-year power purchase agreement (PPA) for 100 MW of the wind park’s output is already in place with Snowy Hydro.
The Bango project is part of the Grassroots Renewable Energy platform in Australia, which Partners Group and CWP Renewables set up last year.
"Despite ongoing market challenges related to grid congestion and uncertainty in future green energy policy, there remains a compelling market opportunity for experienced developers and investors in renewable energy in Australia, particularly in New South Wales," said Benjamin Haan, operating partner at Partners Group and chair of Grassroots Renewable Energy.
(AUD 1.0 = USD 0.678/EUR 0.605)