Financial close triggers construction start for Murra Warra II

Murra Warra II Wind Farm comprises 38 wind turbines with a capacity of 209MW.

The wind farm is expected to provide over 400 full-time equivalent jobs during the two-year construction period, and ongoing employment opportunities during its operational lifetime.

The direct economic stimulus provided by the first stage of Murra Warra Wind Farm during construction has been $4.4 million to the local and regional economy through spend on accommodation, retail items and services and this local stimulus is anticipated to be replicated by the Murra Warra II construction.

A locally managed community fund for both projects will inject an additional $4m of investment into local projects over the lifetime of the wind farms.

AnchorDebt financing was arranged from a banking consortium including ICBC, ING, Mizuho, MUFG, SMBC and Société Générale.

The financing was raised in accordance with the Asia Pacific Loan Market Association’s Green Loan Principles, and subject to an independent Second Party Opinion from Sustainalytics.

It is understood to be the first time a project finance green loan has been used to fund the construction of a wind farm in Australia.

General Electric will provide the 5.5 MW turbines, with a combined output of 209MW. The project will be constructed under contract with General Electric International and its subcontractor, Zenviron.

Pure-play renewables company RES will provide construction and operational asset management services under a long-term agreement.