Pacific Hydro’s Crowlands Wind Farm has reached a financial close of $80 million with the assistance of financial firm Planum Partners.
The 80MW project, located near Ararat in central Victoria, will now begin construction.
The wind farm will consist of 39 Senvion turbines that will produce enough clean energy to power to the yearly needs of around 50,000 Victorian homes.
Crowlands Wind Farm was the first project to be supported by a long-term power purchase arrangement with a group of corporates through the Melbourne Renewable Energy Project (MREP).
“We are pleased to secure financing for such an important and innovative project that has been supported by so many committed stakeholders,” Pacific Hydro CFO Robert Spurr said.
“We look forward to working further with our financiers, contractors, advisers and the local Crowlands community to successfully deliver clean energy to the MREP partners in 2018.”
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.
As financial adviser, Planum Partners was involved in the structuring and negotiation of the project financing on behalf of Pacific Hydro.
“We are delighted to see the successful engagement from all parties to achieve a positive outcome for Pacific Hydro and the Crowlands community within a short time frame,” Planum Partners managing director Shaun Newing said.
Earlier this year, AusNet Services secured a contract to develop a new transmission connection for the wind farm.