Pacific Hydro secures financing for Crowlands Wind Farm
15 May 2018
Pacific Hydro has reached financial close on $80M of non-recourse project financing for its 80MW Crowlands Wind Farm near Ararat in Victoria. Finance was provided by the Commonwealth Bank of Australia and National Australia Bank Limited.
Pacific Hydro CFO Robert Spurr said of the transaction: “We are pleased to secure financing for such an important and innovative project that has been supported by so many committed stakeholders. We look forward to working further with our financiers, contractors, advisers and the local Crowlands community to successfully deliver clean energy to the Melbourne Renewable Energy Project (MREP) partners in 2018.”
The Crowlands Wind Farm, approximately 25km north east of Ararat in central Victoria, will comprise 39 Senvion wind turbines. Approximately 140 jobs will be created during construction with 10 permanent positions established during operations. Construction of the project is underway with completion anticipated in mid-2019.
Power will be supplied by Pacific Hydro’s retail arm, Tango Energy. A significant portion of the energy and Large Scale Certificates (LGCs) generated from the project will be sold to the MREP group.
Led by the City of Melbourne, MREP is a 14-member buying group of local governments, cultural institutions, universities and corporations that have joined together to facilitate the construction of a new renewable energy facility. In addition to the City of Melbourne, the group includes Australia Post, Bank Australia, City of Port Phillip, City of Yarra, Citywide, Federation Square, Melbourne Convention and Exhibition Centre, Moreland City Council, National Australia Bank, NEXTDC, RMIT, University of Melbourne, and Zoos Victoria.
Planum Partners acted as financial adviser to Pacific Hydro; King Wood Mallesons was the legal counsel to Pacific Hydro; and Gilbert + Tobin acted as legal counsel for the financiers.
Founded in Australia in 1992, Pacific Hydro is a global renewable energy owner, operator and developer. It operates a high quality, diversified portfolio with an installed capacity of ~850 MW across Chile, Australia, and Brazil; it is also developing a substantial number of projects totalling over 2 GW of potential capacity; and has a growing electricity retail business in Australia (Tango Energy). Pacific Hydro is fully owned by State Power Investment Corporation of China (SPIC).
Media contact: Adam Chandler, Senior Project Leader Communications 1800 730 734