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Neoen completes financing for Kaban Green Power Hub

Published by , Editorial Assistant
Energy Global,


Neoen, one of the world’s leading and fastest-growing producers of exclusively renewable energy, has completed financial close on the Kaban Green Power Hub, a project designed to generate clean, affordable energy and strengthen the electricity network in Far North Queensland. The project consists of a 157 MW wind farm located near the town of Ravenshoe in the Atherton Tablelands and a 320 km transmission line upgrade of the North Queensland coastal circuit.

Total project costs will amount to approximately AUS$370 million, with debt provided by a syndicate of five lenders – BNP Paribas, HSBC, MUFG, NAB and NORD/LB.

The wind farm consists of 28 Vestas V162 turbines which at 5.6 MW capacity will be amongst the largest in the country. EPC contractor, Vestas, was provided with notice to proceed in May 2021; the site was mobilised in early June 2021; and civil works are now underway. Construction is expected to take 21 months with full energy generation scheduled for 2023.

The Queensland Government has committed funding towards the transmission network upgrade which will support the wind farm and establish the Northern Queensland Renewable Energy Zone (REZ). Neoen and Powerlink Queensland are partnering to upgrade the line between Cairns and Townsville which will substantially improve the network’s capability, unlocking up to 500 MW of additional capacity for future projects.

The project is underpinned by a 15 year capacity purchase agreement (CPA) with CleanCo, Queensland’s publicly owned clean energy company, for 100% of the energy generated. It will deliver competitively priced electricity, contributing to the Queensland Government’s target of 50% renewable energy by 2030.

The investment is expected to create over 250 construction jobs in the region of Far North Queensland, with 50 workers already active on site. Once completed, thanks to the region’s excellent wind resource the asset will generate 457 GWh/yr of affordable clean energy, enough to power some 100 000 Queensland homes, more than enough for every home in Cairns.

 

 

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Summer 2021 issue

The Summer issue of Energy Global features a varied spectrum of in-depth technical articles detailing recent projects, future projections, and technological advancements in the renewables sector, from companies including CEWEP, Enel Green Power, Turboden S.p.A., Cornwall Insight, and more.

Read the article online at: https://www.energyglobal.com/wind/20092021/neoen-completes-financing-for-kaban-green-power-hub/

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