Financial close has been reached at the 453MW Coopers Gap project in Queensland state. The wind farm is set to be Australia’s biggest when completed in mid-2019.
Local utility AGL Energy said it has selected a joint venture comprising GE and Catcan to co-develop the A$850m (US$676m) project, which will feature 123 turbines.
GE said it will supply 91 of its 3.6 MW machines with 137m rotors, and 32 of its 3.8 MW machines with 130m rotors.
Financial close was achieved after AGL sold the development for A$22m to the Powering Australian Renewables Fund.
The fund is a joint venture between AGL and local fund manager QIC.
The project will be financed through a combination of the funds’ equity and a lending group comprising Westpac Banking Corporation, Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Financial Group, Societe Generale, DBS Bank, Mizuho Bank and ABN Amro.
AGL has agreed to purchase power from the project at an offtake price of less than $60/MWh for an initial five years, with an option to extend for another five years.
Image: GE
