Infigen Energy (ASX: IFN) today announced that it would proceed to construction of the 113.2 MW Bodangora wind farm near Wellington in New South Wales, having achieved financial close.
Bodangora wind farm will be built by a consortium comprising General Electric (GE) and civil-engineering construction company Civil & Allied Technical Construction (CATCON) under an engineering, procurement and construction (EPC) contract.
Infigen Energy’s Managing Director Ross Rolfe said, “We have been delighted to work with our partners in bringing this project to fruition. Critical to our success has been the role played by the Clean Energy Finance Corporation (CEFC) and NORD/LB, in providing Infigen with $163 million debt facilities.”
Revenues will be supported by a power purchase agreement (PPA) with EnergyAustralia for 60% of the annual output produced over the period to December 2030. The balance of output will be available for Infigen to contract to commercial and industrial customers, or to sell on the spot or wholesale market. The project is targeted to be fully operational in the second half of 2018.
The project will create a substantial number of jobs and stimulate significant economic activity in the local region. The project will provide approximately 120 direct jobs during construction and seven full-time jobs during its operating life. Infigen looks forward to continuing to build strong links with the local community through these activities.
“The Bodangora project is set to deliver a substantial increase in clean energy in regional New South Wales, and is well positioned to capitalise on the state’s natural strengths in renewable energy. We have been pleased to work with Infigen and NORB/LB to accelerate the development and delivery of this important project,” said Andrew Gardner, CEFC Wind sector lead.
“Together with CEFC, we are proud to have been able to support Infigen and GE with their Bodangora wind farm by providing a long-term financing package, tailored to the project’s partially-contracted revenue structure. NORD/LB is committed to developing its presence in the Australian energy market with renewable energy generation being at the core of our strategy,” said Olaf-Alexander Wiedemann, CEO, NORD/LB Asia-Pacific.
Geoff Culbert, President & CEO, GE Australia, New Zealand & Papua New Guinea, said, “We are pleased to bring energy experience and expertise to the Bodangora wind farm. The 33 GE 3.43 wind turbines to be installed are part of our newest, most powerful and scalable platform. Through our service and maintenance agreement, we also look forward to adding maximum value to the project for years to come.”
Infigen owns 100% of the project, having acquired the 50% interest in the project that it did not own prior to financial close. As owner of 100% of the project, Infigen will provide 100% of the equity funding for construction and will operate the wind farm.
KEY PROJECT STATISTICS
- Capacity: 113.2 MW
- Expected annual output: 361 GWh
- Estimated construction time: 18 months
- Number of turbines: 33
- Turbine technology: GE 3.43 MW
- EPC provider: GE and CATCON consortium
- Total project cost: ~$236 million
- Facility providers: NORD/LB, CEFC
- Construction facility amount: ~$163 million
- Infigen equity funding1: ~$74 million
- Operation and maintenance: 20-year agreement with GE
- Power purchase agreement: 60% of annual project output
- PPA party: EnergyAustralia
- Construction jobs: ~120
- Operating jobs: ~7
1 Includes ~$0.8 million of restricted cash that is expected to be released in the coming week