UPDATE - Tilt achieves fin close for 133-MW New Zealand wind project

Wind turbines. Author: Rex Brown. License: Creative Commons, Attribution-NoDerivs 2.0 Generic.

September 6 (Renewables Now) - Tilt Renewables Ltd (NZE:TLT) has reached financial close for the 133.3-MW Waipipi wind project in New Zealand, just a few days after announcing it had taken the final investment decision.

The company said in a statement today that it has secured an attractive financing package from four commercial banks. Specifically, it got NZD 241 million (USD 154.5m/EUR 140m) in construction and term debt facilities from Commonwealth Bank of Australia, Credit Agricole CIB, MUFG Bank and Siemens Bank GmbH. A further NZD 37 million will come from Tilt’s own cash reserves to cover the total cost of the project, estimated at NZD 277 million.

To be installed in the South Taranaki territorial authority, the proposed wind park, formerly known as the Waverley project, 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 Ltd (NZE:GNE) under a 20-year power purchase agreement (PPA) signed in May.

Construction work, to be carried out by Higgins Contractors Ltd, will begin shortly and is expected to conclude towards the end of the fiscal year through March 2021.

Together with the 336-MW Dundonnell wind farm that is being built in the Australian state of Victoria, Waipipi will help Tilt grow its installed asset portfolio to more than 1.1 GW, the company said.

(NZD 1.0 = USD 0.641/EUR 0.580)

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