Australian utility AGL Energy has reached financial close on its 200MW Silverton wind farm in New South Wales.
The company has sold its stake in the $450m project to the Powering Australian Renewables Fund (PARF), the joint venture it established last year with QIC and Future Fund, for $36m.
Debt finance will be provided by Westpac Banking Corporation, National Australia Bank, Sumitomo Mitsui Banking Corporation, Mitsubishi UFJ Financial Group, Societe Generale and DBS Bank.
The sale includes AGL writing an offtake agreement with the facility at a bundled price of $65 per megawatt hour for an initial five-year period, according to the company.
The 58-turbine wind farm is expected to be completed by GE and Catcon by mid-2018.
It will be the first new clean energy project developed for the $1bn PARF fund, which is targeting about 1GW of renewables.
“Reaching financial close on the Silverton wind farm is a major milestone for PARF,” AGL chief executive Andy Vesey said.
“The momentum we’re experiencing with PARF is pleasing and proves that investor support exists for large-scale renewables development.”
Image: MorgueFile
