Infigen Energy announced that it has reached the financial close to start the construction of the 113.2MW Bodangora wind farm in New South Wales, Australia.
Before reaching the financial close, the Australian renewable energy company acquired a 50% stake in the project to gain 100% ownership in the new wind farm.
Infigen will handle equity funding for the wind farm located near Wellington and also operate it once completed. The project is slated to be completely operational in the second half of next year.
Expected to cost around $236m, the project will be financed by a contribution of $163m coming through the construction facility arranged by NORD/LB and the Clean Energy Finance Corporation, along with $74m equity from Infigen.
The Bodangora wind farm will feature 33 turbines of the GE 3.43MW range and is expected to have an annual output of 361GWh.
It has already secured a power purchase agreement (PPA) with EnergyAustralia which has agreed to buy 60% of the annual output generated once the wind farm begins commercial operations until December 2030.
Remainder of the power generated from it will be sold on contract to commercial and industrial clients or on the spot or wholesale market by Infigen.
Infigen managing director Ross Rolfe called the development of the Bodangora wind farm as the first important milestone in delivering on the company’s growth ambitions.
Rolfe added: “In a market with ageing coal-fired generation and expensive gas, the combination of renewable technologies and storage can offer secure and reliable supply in a lower emissions economy.
“We believe that the combination of revenues from the PPA and the sale of electricity and LGCs through various channels to market will enable the investment in Bodangora to create value for Infigen’s security holders.”
A consortium featuring General Electric (GE) and Civil & Allied Technical Construction (CATCON) will build the Bodangora wind farm under an engineering, procurement and construction (EPC) contract.
The wind farm will create about 120 direct jobs during its construction stage and seven full time roles once it becomes operational.