Commonwealth Bank is one of five banks providing project finance to support the development of the 180MW Dulacca Wind Farm, located in the Western Downs region of Queensland.
The green field development is located roughly 300 km north west of Brisbane and will comprise 43 wind turbines with a generation capacity of 180MW, or enough electricity to power approximately 124,000 typical QLD households. The project is expected to be completed in 2023 and has a 30 year design life.
The Queensland Government has signed a long-term agreement to purchase 70 per cent of the wind farm's electricity generation. The offtake agreement will help advance Queensland toward its target of having 50 per cent energy generation from renewable sources by 2030.
"Helping our clients advance Australia's transition to a more sustainable future is a strategic priority for CBA, and we're very proud to be able to help RES Group and Octopus Investments Australia expand our nation's renewable energy generation," said Sally Reid, Executive General Manager of Global Client Solutions at CBA.
CBA and four other banks acted as Mandated Lead Arrangers on the $330 million project finance, which has reached financial close, with each bank taking equal holds in the 5-year project finance loan. RES Group is the developer and asset manager for the project, while Octopus Investments Australia is the long-term owner of the project.
Matt Rebbeck, RES' CEO in Australia said: "This is yet another quality development project from RES and appreciate the involvement and support of the CBA. We are very excited about seeing this project come to life, as we move towards the Queensland Government's target of 50 per cent renewables by 2030."
"CBA is delighted to partner with RES Group and Octopus Investments Australia in the development of a high quality renewable energy project," said Grant Willis, Managing Director, Natural Resources and Energy at CBA. "This will be the third greenfield renewable energy asset CBA has supported to reach financial close this year, speaking to our team's tenacity and expertise in this field, as well as our commitment to supporting Australia's transition to a more sustainable future."
