“The investment drought is breaking:” CEO hails first Australia wind project to reach financial close in 2025

Auaetralia’s year-long wind energy investment drought has finally been broken after Tilt Renewables gave the green light to the 108 megawatt (MW) Waddi wind project in Western Australia.

The Waddi wind farm, located in the state’s wheatbelt about 150 kms north of Perth, is the first wind project to reach financial close in 2025 in Australia, and will begin construction in 2026 and reach full operations in 2028.

The news came after a string of announcements that included planning approvals from local, state and federal authorities, and crucially a long term off take agreement with AGL Energy.

“This will be the first wind farm to reach a Final Investment Decision in 2025 and shows that the investment drought for new projects in Australia is finally breaking,” said Tilt CEO Anthony Fowler.

“We now have everything in place to start construction … this is a significant milestone for Tilt Renewables, as Waddi will be our first renewable energy project in Western Australia.”

Tilt is also expected to reach financial close on another wind project soon, the proposed 288 MW Palmer facility in South Australia which has also lined up a long term deal with AGL, as well as securing the option of an underwriting agreement through the federal government’s Capacity Investment Scheme.

The Macquarie-backed Aula Energy is also working on its 256 MWCarmody Hill wind project, also in South Australia, which has locked in a long term contract with Snowy Hydro, and also has access to an underwriting agreement through the CIS.

It means that by the end of the year there could be three wind projects reaching FID, a major fillip for the federal government and its chances of reaching its target of 82 per cent renewables by 2030.

Wind projects have been held back by a combination of grid access, connection challenges, social licence, and rising costs, although the industry says these have now started to ease.

The only other project to have begun construction in Australia this year is the 105 MW King Rocks wind project, also in W.A., owned by the state-controlled Synergy. It started construction in October.

And although solar and battery hybrids have emerged as a competitive option that is quicker and easier to build, wind energy is still considered an essential part of the renewable energy mix.

Tilt says the Waddi wind project will benefit from “exceptional wind speeds” and strong local support.

Fowler says the company has worked tirelessly to ensure the project minimises impacts on local flora and fauna as well as the project neighbours. “This is reflected in the changes we made to the project design and in our commitment to share benefits with our local community,” he said.

The Waddi wind farm will be built using Vestas turbines, with contract partners also including Western Power, Decmil, and RJE. Tilt says the project will facilitate more than 150 new jobs in construction and six permanent jobs during operations as well as over $3.9 million in community benefit funding over the life of the project.

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