Senior finance for Sapphire Wind Farm restructured.
Written by Squadron Energy |
CWP Renewables (CWPR) recently restructured its senior finance for Sapphire Wind Farm, the largest generating wind farm in NSW.
The restructure included an additional $20 million in debt as a result of CWPR’s strong pipeline of offtakes – commitments from corporate Australia as businesses make the transition to renewable energy through power purchase agreements (PPAs).
CPWR worked with CBA, SMBC, the Clean Energy Finance Corporation and Danish export credit agency EFK to complete the restructure.
Sapphire Wind Farm, located west of Glenn Innes in northern NSW, is providing renewable energy to a wide variety of customers, including the ACT Government, Sydney Airport and Transurban, in addition to the likes of City of Newcastle and Sydney Opera House via retailer Flow Power. The 270MW wind farm generates enough energy annually to power around 135,000 homes.
According to CWPR CEO Jason Willoughby, appetite for PPAs is driving forward growth in renewable energy.
“With the strong level of PPAs in place enabling the latest finance restructure, it supports our upcoming wind farm developments, which will in turn help meet the clean energy needs of more Australian businesses,” he said.
“We’ve seen a steady rise in interest in PPAs from businesses operating in NSW, and with the number of ASX200 companies committing to net zero emissions also growing, we don’t expect the demand to peter out any time soon.”
CWPR has two wind farms under construction – Bango and Crudine Ridge wind farms – which will contribute up to 378MW to the National Electricity Grid, and more than 3,000MW of projects in the development pipeline.
“Our large portfolio of renewable energy assets, in addition to storage technology like batteries, provides our PPA customers with streamlined access to renewable energy as well as contributing to the support of future projects,” Mr Willoughby said.
“It really shows just how much corporate Australia is driving the switch to clean renewable energy.”