Australia's CEFC bankrolls 112MW Tasmanian wind farm project

Wind capacity will increase by a third.

The Clean Energy Finance Corporation (CEFC) has revealed that it will invest $59 million in Tasmania’s Granville Harbour Wind Farm. The project will deliver a one third increase in Tasmania’s wind capacity.

Also read: Gujarat scraps 500MW wind auction as bidders balk at project terms

The 112MW Granville Harbour Wind Farm is located on a 1,200 hectare cattle farm on Tasmania’s west coast. This marks the CEFC’s largest investment in Tasmania, and its first in a Tasmanian wind project.

Construction is under way and, once operational, the $280 million development is expected to generate enough electricity to power more than 46,000 homes.

“Nationally, we have now invested more than $760 million in 11 wind projects, delivering a combined capacity of more than 1.76GW of new clean energy. Wind remains the most cost effective new clean energy source, with projects like Granville Harbour Wind Farm benefiting from a strong wind resource and ongoing wind turbine technology improvements to better harness the resource,” said CEFC Wind Sector lead Andrew Gardner.

Wind currently contributes only 10% of Tasmania’s renewable energy capacity, despite the state generating 90 per cent of its overall energy from renewables.

The Granville Harbour Wind Farm has a long-term power purchase agreement with Hydro Tasmania, which is exploring opportunities to become a net exporter of clean energy to the Australian mainland through its ‘battery of the nation’ project.

Granville Harbour Wind Farm is owned by Palisade Investment Partners on behalf of its clients. The CEFC finance for the project includes $25 million in direct equity, alongside $34 million in additional equity via the Palisade Renewable Energy Fund (PREF).

The CEFC has already invested more than $16.4 million in Tasmanian-based clean energy projects. This includes tailored finance for more than 140 smaller-scale clean energy projects via the CEFC’s specialist co-financing programs with major banks.

The CEFC has allocated $100 million to the Palisade renewable investment strategy, in addition to its $75 million cornerstone commitment to PREF.

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