Meridian completes financing for 420 MW Australian wind power plant

Meridian has closed financing on the 420 MW Macarthur wind farm with the Australia and New Zealand Banking Group (ANZ). The wind energy project is a joint venture between Meridian and Australian power supplier AGL and is expected to cost A$1bn ($1bn).

The wind farm is located in south-west Victoria, Australia, and is currently being constructed by Danish wind turbines specialist Vestas with AGL retaining a active interest in the build. It is due to be completed in 2013.

Linda Robertson, Meridian treasurer, said, ‘There were many aspects of the transaction that made it a challenging undertaking and we are delighted to have successfully closed and to have achieved a good mix of bank and Export Credit Agency participation. ANZ demonstrated an ability to understand our requirements and to develop solutions that met and often exceeded our expectations. Meridian’s management teams in both New Zealand and Australia look forward to continuing these valuable relationships.’

David Byrne, ANZ Bank’s head of utilities and infrastructure, added, ‘We are delighted to support our clients Meridian Energy, AGL, Vestas and Leightons in this project of national significance. Our support for the Macarthur Wind Farm demonstrates our ability to provide an end-to-end financing solution for our clients, including the first underwrite of a project financing in Australia since the financial crisis.’