Project developer CBD Energy will hold the remaining 10% stake in the project that is expected to be completed in 2014, according to a statement released by the company.
Taralga project has the approval for installing 51 turbines and is in advance discussions to conclude a deal with a turbine supplier.
The acquisition of the $256m worth wind farm that produces enough clean energy to power 40,000 households per annum is a first by the Spanish banking major.
The project will sell all of its electricity to Melbourne-based utility TRUenergy Holdings under a power purchase agreement expected to provide over $300m in ‘off-take-value’ to the project.
