Nexif Energy has reached financial close on its 154 MW Snapper Point Power Plant located in South Australia after it has secured an AUD38.5 million (US$29.96 million) loan from Investec. Global law firm White & Case LLP has advised Nexif Energy on the project financing.
The project will convert turbines using diesel to cleaner natural gas, and in conjunction with Nexif Energy's Lincoln Gap Wind Farm, provide firm renewable power to the grid.
Nexif Energy entered into a long-term agreement with the Government of South Australia to lease and operate five gas turbine generating units. The turbines are in the process of being relocated from their existing location at the former Holden factory in Elizabeth, South Australia to the new Snapper Point power plant site.
Snowy Hydro has entered a long-term contract for a portion of the project capacity with the balance used to firm up Nexif Energy's Lincoln Gap Wind Farm in South Australia with some excess capacity available to the market.
The power plant is scheduled to commence operations by December 2021.
