Goldwind Achieves Financial Close for Gullen Range Wind Farm
Resource from: CBCC Likes:130
Jul 04,2013
Goldwind today announced the financial close on its largest overseas wind project – the 165.5MW Gullen Range Wind Farm. The financing facility was closed and the first drawdown has been completed. The transaction includes a project financing facility of $250m AUD. The National Australia Bank (NAB) acted as Financial Advisor and also led the financing as Mandated Debt Arranger and Bookrunner. The five year construction and term facility is financed by the Bank of China, Bank of Communications, China Construction Bank, Industrial and Commercial Bank of China and NAB.
The Gullen Range Wind Farm is located in the Southern Tablelands of New South Wales (NSW). Construction of the project commenced in October 2012 and has been funded to date by project owner Goldwind.
“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. This major milestone has been achieved after significant effort by the Goldwind team, the bank group including National Australia Bank as the lead bank, Bank of China, Bank of Communications, China Construction Bank, Industrial and Commercial Bank of China and with the support of key advisors.” said John Titchen, Managing Director of Goldwind Australia.
The substantial Gullen Range Wind Farm investment is viable on the basis of the Australian Government’s Large Scale Renewable Energy Target (LRET). This essential policy is a successful measure for stimulating investment in substantial wind farm projects in Australia. Energy Australia has secured the production from the project through a Power Purchase Agreement (PPA). This PPA is one of the key project agreements which have facilitated the wind farm development.
EnergyAustralia’s Group Executive Manager of Energy Markets, Mark Collette, said “the new PPA with Goldwind Australia was further evidence of EnergyAustralia’s intention to pursue investment in renewable energy in order to meet the company’s obligations under the Federal Government’s Renewable Energy Target”.
Goldwind Australia is the EPC contractor for the project and will provide ongoing operation and maintenance services. The wind farm will be connected to the Transgrid 330kV transmission system, a connection agreement was announced in July 2012. The connection works are well advanced and are due to be completed in the 4thquarter of 2013.
On the 22nd May 2013, Gullen Range Wind Farm also reached a major construction milestone, with the erection of its first 2.5MW Permanent Magnet Direct Drive (PMDD) wind turbine at site. The first six 2.5MW wind turbines have now been installed.
The project is on schedule with a total of 56 2.5MW wind turbines and 17 1.5MW wind turbines to be erected at the site before the end of 2013. The 165.5MW Gullen Range Wind Farm is Goldwind’s second wind farm in Australia following the successful 19.5MW Mortons Lane Wind Farm which was completed at the end of 2012 and is now owned by CGN Wind Energy.
Catcon and CPP are contracted to construct the civil and electrical works at Gullen Range Wind Farm. These site works are now at an advanced stage with more than half the site roads established and foundations poured.
Deugro has been contracted to manage the delivery of wind turbine components to the site. These deliveries commenced on the 6thMay 2013 and are planned to continue for 28 weeks.
The site work force totals approximately 112 people at present with significant local economic benefit to the local economy. Substantial council road upgrades have been undertaken to facilitate delivery of equipment to site.
About Goldwind
Xinjiang Goldwind Science & Technology Co., Ltd., is the largest manufacturer of wind turbines in China, and among the largest in the world. With strong R&D capabilities, the Company is the world’s largest manufacturer of permanent magnet direct-drive wind turbines, representing the industry’s next
generation technology. Goldwind is listed on the Shenzhen Stock Exchange (stock code 002202) and
The Stock Exchange of Hong Kong (stock code 2208).
By the 31stDecember 2012 Goldwind’s accumulated wind power installations exceeded 15,000MW, and it has installed more than 12,000 wind turbine units around the world. That wind power generation capacity is equivalent to 12 million tons of coal saved per year or 29.91 million tons of carbon emissions reduced per year or 16.4 million cubic meters of newly planted forest.
Goldwind Australia is a wholly owned subsidiary and was established in 2009 to serve the Australian and regional wind power markets.
Goldwind Australia commissioned its first Australian wind farm, the 19.5MW Mortons Lane Wind Farm (MLWF), in 2012. MLWF is located in Victoria´s western district within the Moyne and Southern Grampians Shires. The wind farm covers approximately 1,100 hectares and is approximately40 kilometres East of Hamilton and 220 kilometresWest of the city of Melbourne. For more information, please visit www.goldwindglobal.com.
(CBCC)
【CBCC News Statement】
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
1.The news above mentioned with detailed source are from internet.We are trying our best to assure they are accurate ,timely and safe so as to let bearing users and sellers read more related info.However, it doesn't mean we agree with any point of view referred in above contents and we are not responsible for the authenticity. If you want to publish the news,please note the source and you will be legally responsible for the news published.
2.All news edited and translated by us are specially noted the source"CBCC".
3.For investors,please be cautious for all news.We don't bear any damage brought by late and inaccurate news.
4.If the news we published involves copyright of yours,just let us know.
Previous Luoyang Bearing Science & Technology Co., Ltd (ZYS) Produced Precision Heavy Machinery Bearing (pic)
Next LYC's energy system optimization & energy-saving project passed the national acceptance
Next LYC's energy system optimization & energy-saving project passed the national acceptance
BRIEF INTRODUCTION
Cnbearing is the No.1 bearing inquiry system and information service in China, dedicated to helping all bearing users and sellers throughout the world.
Cnbearing is supported by China National Bearing Industry Association, whose operation online is charged by China Bearing Unisun Tech. Co., Ltd.
China Bearing Unisun Tech. Co., Ltd owns all the rights. Since 2000, over 3,000 companies have been registered and enjoyed the company' s complete skillful service, which ranking many aspects in bearing industry at home and abroad with the most authority practical devices in China.
