Global renewable energy developer, Windlab Limited, has announced that it will begin construction of the ground-breaking $160m Kennedy Energy Park based in Queensland, having secured government funding from Clean Energy Corporation (CEFC) and Australian Renewable Energy Agency (ARENA).
Mr Roger Price, Windlab’s Executive Chairman and CEO said, “We believe Kennedy Energy Park will demonstrate how effectively wind, solar and storage can be combined to provide low cost, reliable and clean energy for Australia’s future and ensure Australia can more than meet its Paris Commitments while putting downward pressure on energy prices.”
CEFC will provide $92M in funding and ARENA will provide $18M through a new refundable grant scheme.
Grant Thornton Australia advised Windlab towards its successful financial close, navigating the complexity of what is an innovative funding treatment for ARENA.
This 60MW development is the first phase of what is set to become a +$2billion renewable energy precinct, with phase two – referred to as ‘Big Kennedy’ – seeking to provide up to 1200MW of solar and wind power.
The Kennedy site was selected for its consistent wind energy, identified through the use of Windlab’s world-leading atmospheric technology, WindScape. WindScape technology is used to rapidly and cost-effectively identify specific wind energy locations suitable for wind farm development.
“Grant Thornton is proud to support such an important renewable energy project, bringing together wind, solar and battery power generation from the one site,” said Mr Tim Hands, Grant Thornton Tax Partner.
“Having advised Windlab through significant stages of its growth journey, from its public listing earlier this year, through to corporate finance, tax and audit, we are excited to see them enable the viability and growth of the renewable energy industry in Australia on a broader scale through such a game changing project.” said Hands.
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