Australia

Australia

Financing achieved for new Australian hybrid

AUSTRALIA: Developer Neoen has arranged the necessary finance for a 194MW wind project, with a 20MW Tesla battery attached to it, located in Victoria, south-east Australia.

Tesla also provided Neoen battery storage at the Hornsdale complex in South Australia
Tesla also provided Neoen battery storage at the Hornsdale complex in South Australia

The A$350 million (US$270 million) Bulgana Green Power Hub will comprise 56 Siemens Gamesa Renewable Energy turbines, with construction due to begin in April, and completion in August 2019.

Along with the wind power project, the energy hub will also feature a 20MW/34MWh lithium-ion battery, provided by US technology firm Tesla.

Tesla provided a 100MW/129MWh battery to Neoen's Hornsdale Wind complex in South Australia at the end of last year.

Financing for the project was supported by the German KfW Ipex-Bank, France's Société Générale and the Korean Development Bank, while the Victorian government has also supported the site under its renewable energy target (VRET) scheme.

In June, Neoen signed a memorandum of understanding with food manufacturer Nectar Farms for an offtake agreement. Power from roughly 15% of the project will supply Nectar's new glasshouse facility, with the rest of the power being bought by the state government. 

Neoen acquired the Bulgana project in January 2017.

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