KfW IPEX-Bank finances wind farm in Australia
News from 2018-03-20 / KfW IPEX-Bank
KfW IPEX-Bank is providing financing as part of a banking consortium for the Bulgana wind farm in Australia, which has a capacity of 194 MW. The total investment costs for the project in the Australian state of Victoria amount to around AUD 350 million, KfW IPEX-Bank is contributing around AUD 101 million of this total. With this financing, the consortium is supporting the export of technology and expertise from Europe: the sponsor and executing agency is the French company Neoen SAS, the Australian national subsidiaries of Siemens Gamesa Renewable Energy S.A. will act as general contractors and operating and maintenance companies over the next 25 years.
The Bulgana wind farm aims to help improve Victoria's energy supply and reduce electricity prices for consumers. Once completed in August 2019, the project will consist of a total of 56 wind turbines. Construction is scheduled to begin in April. 90 per cent of the electricity produced by the wind farm will be fed into the grid and remunerated by the state of Victoria. The remaining 10 per cent will be sold to a farm called Nectar Farms Limited, which has been planned in the vicinity.
Tesla is also involved in the Bulgana wind farm: the company is contributing a 20 MW battery, which will be used to ensure that electricity is supplied to the agribusiness Nectar Farms Limited around the clock.