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Windlab to fund hybrid renewables pilot with IPO funds - report

Kennedy project. Source: Windlab (www.kennedyenergypark.com.au).

Aug 21 (Renewables Now) - Australia’s Windlab Ltd has raised AUD 50 million (USD 40m/EUR 34m) from its initial public offering (IPO), with some of the financing planned to back the first phase of a 58-MW hybrid renewables project in Queensland, Australian media say.

The wind project developer sold 25 million shares, of which 50% were newly issued and 50% were existing stock held by Windlab SaleCo, at a price of AUD 2 each. The transaction values the company at around AUD 150 million prior to its listing on the bourse, the proposed date for which is August 23. Windlab will trade on the Australian Stock Exchange (ASX) under the “WND” ticker.

According to the reports, half of the IPO proceeds will be allocated to finance the 58-MW Kennedy hybrid project, which will combine 41 MW of wind and 15 MW of photovoltaics (PV) with a 2-MW energy storage system. The developer expects to reach financial close and start construction in the next month or so, chairman Roger Price told the Australian Financial Review.

The Kennedy Energy Park will be located near Hughenden township. After the pilot phase, Windlab is planning to build up to 600 MW of solar and 600 MW of wind with the potential for different storage options under the Big Kennedy phase.

(AUD 1.0 = USD 0.793/EUR 0.674)

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Veselina Petrova is one of SeeNews Renewables 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.

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