Clean Energy Finance Corporation (CEFC) has secured more than $180 million of debt funding for its new Collector Wind Farm, that’s set to deliver more than two-gigawatts of energy across regional Australia.
The Collector project is being developed through Thailand’s RATCH-Australia near Goulburn, New South Wales, which is expected to cost more than $360 million. The CEFC will act as the sole debt financier, taking its confirmed investment commitments in the wind sector up to $1 billion.
“Finance for fully merchant projects unlocks further wind sector opportunities and builds confidence in their long-term commercial potential,” said Andrew Gardner, CEFC head of wind.
“The development has the potential to reduce greenhouse gas emissions by about 9.3 million tonnes over its lifetime, making a significant contribution to efforts to lower carbon emissions across our economy.”
The Collector development will contain more than 54 wind turbines that will generate more than 528- gigawatt hours of energy annually to power more than 80,000 homes.
As part of the project RATCH-Australia will install a storage system at its 42.5-megawatt Collinsville solar farm in Queensland to improve grid stability.
“The accumulated experience really helps progress and de-risk the whole industry, and ultimately this benefits everyone,” said Anthony Yeates, executive general manager of RATCH-Australia.
In addition, RACTH-Australia has developed a community enhancement fund that will invest more than $240,000 into local projects each year over the 30-year life of the project.