PowerChina and Goldwind Australia have sealed a financing package for their 144-MW Cattle Hill Wind Farm project on the shore of Lake Echo in Central Tasmania.
This was announced on Tuesday by legal services provider Herbert Smith Freehills, which advised the two sponsors on the project financing. According to its statement, the Cattle Hill wind farm will receive financing from a group comprising Industrial and Commercial Bank of China, Australia and New Zealand Banking Group Limited and Westpac Banking Corporation, each being mandated lead arranger. KPMG served as the financial advisor.
The project envisages erecting 48 Goldwind turbines and it represents PowerChina’s inaugural investment in the Australian market. Construction work has already begun and the plant is expected to come online later this year.
Goldwind Australia, the Aussie unit of Chinese wind turbine maker Xinjiang Goldwind Science & Tech Co Ltd (HKG:2208), previously said the renewable energy certificates from the Cattle Hill plant will be purchased by state government-owned electricity retailer Aurora Energy under a long-term contract.