Financial close and developer for Waipipi Wind Farm (formerly Waverley Wind Farm) in New Zealand
The Tilt Renewables Limited (TLT) Board has approved the investment in the 133 MW Waipipi Wind Farm (formerly referred to as the Waverley Wind Farm). The new name for this exciting development was proffered by Ngaa Rauru Kiitahi. Waipipi is considered an appropriate name in light of the heritage and history of the area, and TLT’s commitment to the local stakeholders and the environment.
The NZ$276 million(US$177.71 million) project is located between Patea and Waverley in the South Taranaki area of the North Island of New Zealand and will consist of 31 4.3 MW Siemens Gamesa turbines, each with a 130m rotor diameter. Once operational, the average annual generation of clean, green electricity will be 455GWh. This electricity will be sold to Genesis Energy Limited under a 20‐year offtake agreement. Funding for the project has been underpinned with competitive project debt financing, with remaining project costs funded by internally generated equity, including funds set aside for reinvestment, rather than paid to shareholders as a Final Dividend in FY19.
Upon completion of the Waipipi Wind Farm TLT will have in excess of 1,000 MW of installed capacity, nearly double the installed capacity of the business when it was created in October 2016, following the demerger from Trustpower Limited.
The financial close for the project was reached on 6th of September.
The total cost for the 31 turbine wind farm and associated civil and electrical balance of plant works, 11km of 110kV overhead transmission line and augmentation works at the Transpower Waverley substation will be approximately NZD 277 million (USD 177.75 million), funded from the following sources:
- NZD 241 million (USD 154.65 million) construction and term debt facilities, provided by Commonwealth Bank of
Australia, Credit Agricole CIB, MUFG Bank and Siemens Bank GmbH - NZD 37 million (USD 23.74 million) equity contribution, funded directly from TLT cash reserves.
