Wind energy in Australia: Goldwind achieves financial close for Gullen Range wind farm

Goldwind announced the financial close on its largest overseas wind power 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.
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 approximately 40 kilometres East of Hamilton and 220 kilometresWest of the city of Melbourne.
Wind energy in Australia
  • End 1997: 4 MW
  • End 1998: 9 MW (+125 %)
  • End 1999: 9 MW (- %)
  • End 2000: 30 MW (+233.4 %)
  • End 2001: 71 MW (+136.7 %)
  • End 2002: 103 MW (+45.1 %)
  • End 2003: 197 MW (+91.3 %)
  • End 2004: 379 MW (+92.4 %)
  • End 2005: 579 MW (+52.8 %)
  • End 2006: 817 MW (+41.2 %)
  • End 2007: 817 MW (- %)
  • End 2008: 1,494 MW (+82.9 %)
  • End 2009: 1,712 MW (+14.6 %)
  • End 2010: 2,020 MW (+18 %)
  • End 2011: 2,005 MW (-0.7 %)
  • End 2012: 2,584 MW (+28.9 %)

By José Santamarta,