November 14 (Renewables Now) - New Zealand-based Tilt Renewables Ltd (NZE:TLT) today announced it has achieved financial close on its 336-MW Dundonnell wind project in Victoria, Australia.
The developer now expects to start building the plant early next year, targeting completion at the end of 2020. To be located in Western Victoria, the Dundonnell wind farm will be powered by 80 Vestas V150-4.2MW turbines with a combined average generation of 1,230 GWh per year. Denmark's Vestas Wind Systems (CPH:VWS) will undertake the construction under a full-scope engineering, procurement and construction (EPC) deal, while the required transmission infrastructure will be set up by AusNet Services (ASX:AST).
Tilt took a final investment decision on the AUD0-560-million (USD 402.7m/EUR 357.4m) project at the end of October, planning to provide financing through a mix of debt and equity. It has already contracted around 87% of the plant’s output through a deal with the Victorian government under the state’s contract for difference scheme and a 15-year power purchase agreement (PPA) with Snowy Hydro Ltd.
An equity raising to back the construction will be held early next year, according to the announcement.
(AUD 1.0 = USD 0.719/EUR 0.638)