The project achieved financial close.
Kiata Wind Farm (Kiata) is a 30MW, 9 turbine project located west of Horsham, Victoria, near the town of Nhill. Construction is expected to take less than 12 months with the wind farm being operational before the end of 2017. The project will create more than 70 jobs during construction.
In developing the project Windlab deployed the same innovative, award winning community engagement model used at the recently completed, industry leading Coonooer Bridge Wind Farm. This model results in greater openness and transparent communications with all local stakeholder and results in nearby neighbours of the wind farm owning a portion of the project once operational. On completion twenty-four project neighbours will own around 3% of the project.
Under the terms of the investment agreement, John Laing will provide a majority of project equity and will own approximately 72% of the wind farm. The balance will continue to be owned by Windlab and project neighbours. National Australia Bank will lead debt financing for the project and will provide a facility of up to $50 million.
On completion, the windfarm is expected to generate around 134,000 megawatt hours of electricity per annum – enough power to supply more than 20,000 homes.
The project has moved quickly to close financing after signing a contract in June 2016 to supply Large-scale Generation Certificates to the Victorian Government under their innovative supply agreement.
“The Victorian Governments innovative scheme for the procurement of Large-Scale Generation Certificates (LGCs) has played an important role in re-vitalising the wind industry after a period of decline resulting from Federal Policy uncertainty. Coupled with its more ambitious and progressive 2025 Renewable Energy Target, these initiatives will help bring billions of dollars of investment to Victoria and significantly reduce the states’ carbon footprint.” stated Roger Price, Windlab Chief Executive Officer.
“This is another Windlab project successfully partnered with the local community. This win-win outcome will ensure that the neighbours and community of the wind farm benefit from this investment for the next 20 years.”
Landowner Steven Clark said "We're all for it, after seeing the turbines at Coonooer Bridge, we think they look pretty good."
Windlab has selected Vestas as both the EPC contractor and wind turbine supplier for the project. Vestas will also support the ongoing operation of the project through a long term warranty, operations and maintenance agreement.
Windlab will continue to manage the project through its global operations centre based in Canberra.
