GPG (Naturgy Group) and Vision conclude a financing agreement for the construction of a 180 MW wind farm in Australia.
Naturgy, through Global Power Generation (GPG), its international subsidiary of power generation, has closed a financing of up to 284 million Australian dollars (176 million euros) to complete the development of the Berrybank wind farm, whose work began on last month of January. The Berrybank wind project was awarded to the company last August and is located in the state of Victoria, about 150 km from Melbourne.
GPG, the international power generation subsidiary of Grupo Naturgy, has closed a financing agreement worth up to 284 million Australian dollars (176 million euros) with VISION, a vehicle for financing land-based wind projects launched in collaboration with institutional investors advised by JP Morgan Asset Management (JPMAM) and Vestas Wind Systems.
The amount will be used to build the Berrybank wind project. The park, which has a capacity of 180 MW, is located in the Australian state of Victoria and is expected to come into operation in the second quarter of 2020. Once connected to the network, it will be one of the largest wind farms in this region. australian
Berrybank was awarded to GPG in the last renewable energy auction convened by the state of Victoria. The award includes an agreement to sell energy for 15 years with the aforementioned Australian state.
VISION will provide 100% of the financing that will be allocated to the construction phase of the project and has already obtained the corresponding regulatory approvals.
Global Power Generation (GPG) is the subsidiary of Naturgy Energy Group dedicated to international generation, with a 25% stake in the Kuwait Investment Authority (KIA), the oldest sovereign fund in the world. KIA’s participation in GPG is managed through Wren House Infrastructure Management, its platform for direct investment in infrastructure. GPG manages an installed capacity of 4,000 MW and has a staff of about 800 professionals.
VISION is a financing vehicle that provides liquidity for the construction of new wind projects and subsequently recycles the capital in new opportunities as the projects are completed, thus making possible an important boost to terrestrial wind technology.