Windlab achieves Financial Close on Coonooer Bridge Wind Farm in Victoria, Australia

Windlab Limited has achieved financil close for the 20 MW Coonooer Bridge Wind Farm (CBWF) in Vicotria, Australia

The total project investment is estimated at A$50 million (US$40 million). Construction of the new wind farm will be funded by Eurus Energy Holdings Corporation of Japan, in partnership with Canberra based Windlab and members of the local community.

Under the terms of the investment agreement, Eurus will provide a majority of project equity and will own approximately 80% of the wind farm. The balance will continue to be owned by Windlab and around 30 project neighbours.

Construction of the six turbine wind farm is expected to be completed by early 2016. On completion, the windfarm is expected to generate around 80,000 megawatt hours of electricity per annum – enough power to supply 14,000 homes.

Windlab has selected Vestas as both the EPC contractor and wind turbine supplier for the project. Vestas will also support the ongoing operation of the project through a long term warranty, operations and maintenance agreement.

Windlab Chief Executive Officer Mr Roger Price stated:

“This is the cheapest wind energy produced in Australia and the reason for that is it is the best wind resource in Australia. At $81.50 fixed for 20 years, this electricity is more than cost competitive with any form of new build conventional generation.”

“This location has both strong and consistent winds. It will produce energy nearly 90% of the time and these conditions have attracted our major international investor, Eurus.”

Regional Victoria’s Buloke Shire Council approved the project in 2013 and it received a 20 year Feed-In-Tariff from the ACT Government in January this year, as part of the ACT’s ambitious and forward looking Climate Change Action Plan. This plan requires the territory to source 90% of its electricity needs from renewable sources by 2020.

The CBWF project is the first of the three wind projects awarded Feed-In-Tariffs by the ACT government to start construction.