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Neoen has secured project financing for the Bulgana Green Power Hub project, a 194MW wind farm and 20 MW battery storage facility to be constructed near Stawell in Victoria, Australia. The total investment of the project is AUD350 million (US$269.91 million).
The financing was provided by KfW IPEX-Bank, Korea Development Bank and Société Générale. It enabled the project to reach financial close on 19 March 2018. KfW IPEX-Bank has announced that it contributed around AUD101 million (US$77.7 million) of the total.
When complete, the Power Hub will generate 740,000 MWh of clean, renewable electricity per annum, enough power to supply approximately 130,000 homes.
The Hub will primarily supply Nectar Farms, an adjacent 30-hectare high-tech glasshouse that will produce pesticide-free fruit and vegetables for local and overseas buyers. This is the first such renewable energy supply agreement in the agribusiness industry.
The two developments will contribute more than 600 direct jobs to the Stawell region.
Power not consumed by Nectar Farms will be delivered to the national grid under a Support Agreement with the State Government of Victoria, thereby reducing power prices and making a significant contribution to Victoria's renewable energy target.
The wind farm will feature turbines from Siemens-Gamesa, with full construction to begin in April and operations scheduled to commence in August 2019. The 30-hectare Nectar Farms greenhouse should be completed around the same time.
Tesla is also involved in the project: the company is contributing the 20 MW battery, which will be used to ensure that electricity is supplied to Nectar Farms around the clock.
Global law firm White & Case LLP advised Neoen on the development and financing of the project.
The state government of South Australia has announced plans to finance the development of a 50MW hydrogen electrolyser that would be powered by a new wind and solar complex at Crystal Brook, north of Adelaide. The estimated cost of the project, known as the Hydrogen Superhub is AUD600 million (US$464.3 million).
Read moreRenewable Energy Systems (RES) has announced that the Murra Warra I Wind Farm project in the Australian state of Victoria has achieved financial close, enabling the commencement of construction.
Read moreThe federal government of Australia has announced that it will acquire the stakes of the governments of New South Wales and Victoria in Snowy Hydro Limited, the owner and operator of more than 5500 MW of multi-fuel generation capacity across New South Wales, Victoria and South Australia, including the 4100 MW Snowy Mountains Scheme - a hydropower project that produces around 32% of all renewable energy available to the eastern mainland grid of Australia.
Read moreThe Government of South Australia has awarded AUD8.7 million (US$6.87 million) in grants to four companies planning to develop pumped storage hydro projects in the state, through its Renewable Technology Fund.
Read moreInnogy SE has announced the purchase of two large-scale solar development projects from Overland Sun Farming in Australia, with a combined capacity of more than 460 MW. The Limondale and Hillston solar projects are located in New South Wales.
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