September 4 (Renewables Now) - Tilt Renewables Ltd (NZE:TLT) has taken a final investment decision (FID) to build the 133-MW Waipipi wind park in New Zealand, formerly known as the Waverley project.
The NZD-276-million (USD 175.4m/EUR 159.2m) project was renamed to reflect the heritage and history of the area, as well as Tilt’s “commitment to the local stakeholders and environment,” the company said last week.
To be installed in the South Taranaki territorial authority, the proposed wind park will be equipped with 31 Siemens Gamesa turbines of 4.3 MW each, which are expected to generate around 455 GWh of electricity per year. The whole output will be sold to utility Genesis Energy (NZE:GNE) under a 20-year power purchase agreement (PPA), signed in May.
Having taken the FID, Tilt expects to achieve financial close on the project this month. It said funding has been “underpinned with competitive project debt financing," with some of the costs to be funded by internally generated equity. Once completed in September 2021, the Waipipi wind farm will expand Tilt’s installed capacity to over 1 GW, the New Zealand-based firm added.
(NZD 1.0 = USD 0.636/EUR 0.577)