October 25 (Renewables Now) - Tilt Renewables Ltd (NZE:TLT) has secured a project financing package of AUD 616 million (USD 420.5m/EUR 348.6m) for its 270-MW Snowtown 2 wind farm in South Australia, the New Zealand-based company said on Thursday.
The specific wind park has been operational since 2014, with its 90 Siemens turbines producing 875 GWh of electricity annually. It has a long-term off-take contract for 100% of the generated electricity and renewable energy certificates that ends in 2035.
As previously announced, the asset is undergoing a strategic review.
The proceeds from the standalone financing package have been fully drawn down and allocated to retire AUD 483 million of existing debt, Tilt Renewables said.
The five-year non-recourse debt was extended by Australia and New Zealand Banking Group (ASX:ANZ), the Commonwealth Bank of Australia (ASX:CBA), National Australia Bank Ltd (ASX:NAB), MUFG Bank Ltd, Credit Agricole CIB Australia, Societe Generale (EPA:GLE), BNP Paribas (EPA:BNP) and Westpac Banking Corp (ASX:WBC).
(AUD 1.0 = USD 0.683/EUR 0.615)