August 10 (Renewables Now) - Aussie renewables developer Windlab Ltd (ASX:WND) said on Thursday it has signed an off-take term sheet with Flow Power for around 50 MW of the output of its 104-MW Lakeland wind project in Queensland.
The binding power purchase agreement (PPA) term sheet is for a maximum period of 10 years and also covers related large-scale generation certificates from the contracted capacity. The signing of a resultant PPA is subject to the execution of definitive documentation and achieving financial close on the project before October 31.
Windlab’s CEO Roger Price said that the term sheet with electricity retailer Flow Power will enable the company to “work towards finalisation of the debt and equity arrangement for the project.” Windlab has already secured development approvals and a grid connection agreement.
Planned to be installed on the Cape York Peninsula in Far North Queensland, the Lakeland wind farm will use 30 turbines that will be connected to the national power grid. Once operational, it is anticipated to generate enough electricity to supply over 50,000 local homes.