Confirmed. Two big Vic windfarms show renewables tide turning

22 December 2017

Windmils on a windfarm by coastal cliffs

Sustainability Victoria CEO Stan Krpan has welcomed confirmation of two major windfarm developments in the state saying we’ve turned a corner in the shift to renewable energy.

A consortium of large energy users led by Telstra including ANZ, Coca-Cola Amatil and the University of Melbourne, yesterday announced that had entered into long-term agreements to buy power from the 226 megawatt first stage of the Murra Warra wind farm near Horsham.

Windfarm developer Goldwind also announced yesterday financing had been received for its new 530 megawatt Stockyard Hill project near Beaufort, west of Ballarat.

The Stockyard Hill development has received funding from a nine-member syndicate led by the National Australia Bank.

It includes ABN AMRO, the Bank of Tokyo-Mitsubishi UFJ Ltd, Commonwealth Bank, Industrial and Commercial Bank of China, Mizuho Bank, Societe Generale, Sumitomo Mitsui Banking Corporation and Westpac. A long-term Power Purchase Agreement has been secured with Origin Energy.

“What an amazing day for renewable energy and climate action in Victoria,” Mr Krpan said.

“These developments confirm industry confidence in a renewable energy future and give the impetus for these two big projects to proceed.

“Having large corporate users secured for Murra Warra and financing for Stockyard Hill is part of a national push toward the development of sustainable energy generation.

“It will reduce the impact of climate change and ultimately push down energy prices,” Mr Krpan said.

“Apart from the generating energy, they’re generating jobs in manufacturing, installation and maintenance. It’s an exciting time.”

“The 756MW of renewable energy generating capacity confirmed in Victoria yesterday is equivalent to more than half of the output of the Hazelwood power station.”

Construction of the first stage of the Murra Warra project begins next year. It is expected to be fully operational by mid-2019. Goldwind expects construction of the $700m Stockyard Hill development to begin in the first quarter of 2018.