The board of Tilt Renewables has approved the A$560m Dundonnell wind project in Australia to proceed to financial close.
Construction of the 336MW wind farm in Victoria will start in early 2019 to achieve full commercial operations by September 2020.
Tilt Renewables has also executed another 15-year offtake contract with an investment grade counterparty for a further 50% of Dundonnell’s capacity.
In addition to the Victoria Renewable Energy Target support agreement at approximately 37% of the output, the total contracting level is 87%.
Tilt Renewables chief executive Deion Campbell said: “These contracts substantially de-risk this project and demonstrate our ability to execute our strategy.”
The Dundonnell Wind Farm project is located approximately 23km north-east of Mortlake in the Western District of Victoria, Australia.
The wind farm will be hosted by 12 landholders over approximately 4500 hectares.
The project has obtained all planning and environmental approvals and was recently announced as successful in its bid to be part of the Victorian Government’s Renewable Energy Auction Scheme.
Tilt Renewables, then known as Trustpower, purchased the site from developer NewEn Australia in June 2013.