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    TagEnergy Completes Project Financing for Phase I of Golden Plains Wind Farm in Australia

    December 2, 2022 - Marketline - Deals


      Deal In Brief

      Construction is set to commence on Victoria's wind farm after Stage One of the Golden Plains Wind Farm 1,300MW mega-project in Rokewood near Geelong reached financial close. With all agreements now in place, building the AUD2 billion, 756MW Stage One development featuring 122 turbines will begin early in 2023, with the project expected to start producing green energy in the first quarter of 2025

      TagEnergy has entered an Engineering, Procurement and Construction (EPC) contract with global turbine supplier Vestas, appointed AusNet Services to undertake the grid connection works on a build, own and operate model, and entered a grid connection agreement with the Australian Energy Market Operator ( AEMO)

      It has also secured non-recourse finance from a lenders group comprising Australia's green bank, the Clean Energy Finance Corporation, Commonwealth Bank of Australia, Westpac, Denmark's EKF, Germany's KfW IPEX-Bank, Japan's Mizuho Bank and Bank of China. TagEnergy is the sole investor in Stage One, with Westwind contracted for 30 years to manage the wind farm, compliance with all permits and community engagement. TagEnergy and Westwind continue to develop the 500MW+ Stage Two and the 300MW battery at Golden Plains

      Following the appointment of Vestas as the project's preferred EPC contractor earlier this year, Stage One will feature 122 Vestas V162-6.2MW wind turbines from its industry-leading EnVentus platform. An early works agreement with Vestas has already enabled the finalization of detailed design work, procurement of critical infrastructure, and additional road upgrades in the district to support construction of the wind farm and improve travel for the local community

      Once complete, the Golden Plains Wind Farm will be providing sustainable energy for more than 750,000 homes the equivalent of every home in regional Victoria. The project will also feature a 300MW battery storage facility that will add flexibility and stability to the grid. The high voltage 500kV power line that runs through the southern section of the site allows for direct access to the energy grid, removing the need for additional above-ground power lines beyond the project boundaries

      The investment per MW will be USD1.77 million.

      Deal Type Acquisition
      Sub-Category Asset Purchase
      Deal Status Completed: 2022-11-30

      Deal Participants

      Deal Rationale

      (Republication or redistribution, including by framing or similar means, is expressly prohibited without prior written consent. Marketline shall not be liable for errors or delays in the content, or for any actions taken in reliance thereon.)


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