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AGL secures funding from PARF for 453MW Coopers Gap wind farm project

EBR Staff Writer Published 18 August 2017

AGL Energy has secured funding from the Powering Australian Renewables Fund (PARF) for the 453MW Coopers Gap wind farm project.

The project will be developed at Cooranga North, which is around 250km north west of Brisbane. It will become the largest wind farm in Australia, once operational.

AGL said that it has reached financial close on the sale to the PARF. The $22m sale of the project into PARF is comprised of AGL writing a power purchase agreement at a bundled offtake price of less than $60/MWh for an initial five years.

Total cost for the development of Coopers Gap project is expected to be around $850m, which will be funded through a combination of PARF partners’ equity and lending group.

The lending group includes Westpac Banking, Sumitomo Mitsui Banking, Mitsubishi UFJ Financial Group, Societe Generale, DBS Bank, Mizuho Bank and ABN Amro.

Coopers Gap Wind Farm will produce clean electricity, which can power more than 260,000 average Australian homes.

PARF intends to develop around 1GW of large-scale renewable energy projects, which will be operated and managed by AGL. It is a partnership between AGL with 20% stake and QIC with 80%, on behalf of clients the Future Fund and the QIC Global Infrastructure Fund. 

AGL managing director and CEO Andy Vesey said: “More than 800MW of projects have now been vended into PARF since its inception in July 2016, following the earlier transactions involving the Silverton Wind Farm project and Nyngan and Broken Hill Solar Plants in New South Wales.”

AGL chief financial officer, Brett Redman said: “PARF has played a key role in a rapid uptick in generation project development in Australia.”