International infrastructure investor John Laing has acquired 49.8% stake in the 112MW Granville Harbour wind farm in Tasmania.
John Laing stated that the wind farm can generate enough clean electricity to power more than 45,000 homes. It is still in the early stages of construction and is expected to be begin its operations in the later part of next year.
The remaining 50.2% of equity funding will be made by Palisade’s Renewable Energy Fund with lenders MUFG, ANZ and Westpac offering senior debt to the project.
The wind farm will be located on 1,200 hectares working cattle farm on the west coast in the country at Granville Harbour. The acquisition forms part of the company’s growing renewable energy portfolio in the region.
The wind farm will be supported by a long-term renewable energy power purchase arrangement with Hydro Tasmania.
For this wind farm, Danish turbine-maker, Vestas will supply the turbines. It will also commission and service the project, which will include 31 of its V126-3.6MW turbines.
Construction of the 11km transmission line to connect Granville Harbour wind farm to the electricity grid is now taking place and will be managed by TasNetworks.
John Laing Asia Pacific regional managing director Justin Bailey said: “We are very pleased to secure our first investment in Tasmania. It demonstrates our ongoing commitment to creating sustainable infrastructure for communities in which we operate.
“The investment is consistent with our strategy to create long term value through the successful delivery of greenfield infrastructure and further enhances the diversification of our renewable energy portfolio in the APAC region.”
The acquisition complements its other investments such as the Finley Solar Farm (VIC) and Sunraysia Solar Farm (NSW) both announced earlier this month, and Kiata Wind Farm (VIC) and all three stages of the Hornsdale Wind Farm (SA).
Earlier this month, the investment firm stated that it acquired 100% stake in the 174.9MW Finley solar farm. The wind farm was bought from ESCO Pacific.