KfW IPEX-Bank and SocGen finance expansion of Hornsdale Wind Farm in Australia
KfW IPEX-Bank and Société Générale (SocGen) are supporting the expansion of the Australian Hornsdale Wind Farm with a syndicated loan in the amount of AUD 173.5 million. Both banks had already jointly provided the long-term debt financing for the first stage of the project in the south of the continent in 2015. The second stage of construction, now set to commence, will double the installed capacity of the wind farm from 100 to 200 MW. The additional set-up is identical to that of the first transaction: once again, Neoen, one of the leading French companies in the renewable energy sector and international infrastructure investor John Laing are project sponsors, while the wind turbines will again be supplied by German manufacturer Siemens.
The Hornsdale Wind Farm financed by KfW IPEX-Bank and SocGen is among the most technically advanced and economically efficient facilities in the world. An innovative low-speed generator will be used in each turbine which is directly linked to the three-winged rotor (Siemens Direct Drive). As a result, the plant does not require heavy-maintenance mechanical gears. Upon completion Hornsdale will produce over 400 gigawatt-hours of power annually and thus supply green energy for around 70,000 Australian homes. The project has concluded a power supply contract with the Australian Capital Territory (ACT) for a duration of 20 years. It will cover around 20% of the power needs of ACT and will move it closer to the target of covering 100% of its power needs from renewable energy sources by 2020.
With the new stage of construction, the 200 MW wind farm will comprise a total of 64 wind turbines. In addition to supplying the turbines, Siemens will also be responsible for building the wind farm, as well as for all project work associated with it. The German manufacturer will also provide maintenance of the wind farm under a long-term operating agreement.
