GPG (Naturgy Group) and Vision sign a funding agreement for the construction of a 180 MW wind farm in Australia
- GPG (Naturgy Group) and Vision sign a funding agreement for the construction of a 180 MW wind farm in Australia.
- Naturgy, through Global Power Generation (GPG), its international power generation subsidiary, has secured funding of up to $284 million Australian dollars (€176 million) to complete the Berrybank wind farm, where work started in January.
- The Berrybank wind project was awarded to the company in August and is located in the state of Victoria, 150 km from Melbourne.
GPG, the international power generation subsidiary of the Naturgy Group, has signed a funding agreement worth up to $284 million Australian dollars (€176 million) with VISION, a funding vehicle for land-based wind farms which was founded in collaboration with institutional investors advised by JP Morgan Asset Management (JPMAM) and Vestas Wind Systems.
The amount will be assigned to the construction of the Berrybank wind power project. The wind farm, which has a capacity of 180 MW, is located in the Australian state of Victoria, and is expected to be in operation in the second quarter of 2020. Once connected to the grid, it will be one of the largest wind farms in this region of Australia.
Berrybank was awarded to GPG at the latest renewable energy auction held in the state of Victoria. The award includes an energy sales agreement for 15 years with the state of Victoria.
VISION will provide 100% of the funding, which will be assigned to the construction phase of the project, and has already obtained the relevant regulatory approvals.
About Global Power Generation (GPG)
Global Power Generation (GPG) is the Naturgy Energy Group subsidiary dedicated to international power generation, with a 25% participation by Kuwait Investment Authority (KIA), the world's oldest sovereign wealth fund. The KIA participation in GPG is managed through Wren House Infrastructure Management, its platform for direct investments in infrastructure. GPG manages an installed capacity of around 4,000 MW and has a workforce of approximately 800 professionals.
VISION is a funding vehicle that provides liquidity for the construction of new wind power projects and then recycles the capital for new opportunities as the projects are completed, providing an important impetus to land-based wind technology.
Scope and subject: Renewables, Resst of the world