Goldwind nails Australia finance

China’s Goldwind has reached financial close for its 165.5MW Gullen Range Wind Farm in Australia.

The wind group has up to now been self-funding development of the project – its largest outside of China.

The package includes an A$250m ($233m) project financing facility.

The National Australia Bank (NAB) acted as financial adviser and took part in the financing along with partners including Bank of China and China Construction Bank.

Goldwind has signed a PPA with utility EnergyAustralia – itself owned by Hong Kong-based China Light & Power – to buy the output from Gullen Range.

John Titchen, managing director of Goldwind Australia, said: “Achieving Financial Close on Gullen Range Wind Farm demonstrates that Goldwind has the products and capability to meet the requirements of non-recourse project finance.

“This is important to Goldwind as project finance is frequently utilised to fund Australian wind farms.”

Goldwind hailed the role of Australia’s Large-Scale Renewable Energy Target in making wind project such as Gullen Range viable.

The Chinese group has so far installed six 2.5MW wind turbines at the site in the Southern Tablelands of New South Wales state.

The wind farm is due to be complete by the end of the year.