GE wind turbine. Source: General Electric. All rights reserved.
Australia's Clean Energy Finance Corporation (CEFC) said on Tuesday it will provide AUD 38 million (USD 28.5m/EUR 24.6m) in debt for the 135-MW Crudine Ridge wind farm in New South Wales.
The project, owned by Australia’s CWP Renewables, will be developed under a newly-created platform with a 1.3-GW-plus pipeline of new wind, solar and battery storage assets. Just this week, Swiss investment manager Partners Group AG committed to invest AUD 700 million in the so-called Grassroots Renewable Energy Platform.
To be located near Mudgee, the Crudine Ridge wind park will consist of 37 General Electric turbines of 3.63 MW each. The plant will feed its output into the Transgrid network, with the electricity expected to be enough to supply around 55,000 homes annually. It already has in place an off-take contract for 50% of its output with the Aussie unit of New Zealand’s Meridian Energy Ltd (NZE:MEL), while the remaining power will be purchased by corporate clients.
CEFC’s commitment to the AUD-250-million project is part of an AUD-113-million senior debt package provided alongside Westpac Banking (ASX:WBC) and Sumitomo Mitsui Banking Corp. It will be CEFC’s 10th investment in a large-scale wind project and brings its overall financing extended for wind projects to AUD 700 million.
Since 2013, CEFC has backed 44 wind projects in Australia totalling over 6 GW, it noted.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.