Windlab stated that the successful capital raising means that the financing arrangements for the initial 60 megawatts of the project were settled, and the project is anticipated to attain financial agreement and start construction soon after.
As Renew Economy reports, the productive capital raising signifies a valuable improvement for Australia’s wind energy which continues to attract private sector investors with its lower cost of power. The Kennedy Phase 1 is a 60-megawatt wind, solar, and storage hybrid plant situated in Hughenden in Queensland. The area was selected for its high and dependable wind resource utilising Windscape technology of Windlab.
Geoff Burns, the Project Director at Windlab, mentioned in his past comments, “Hughenden is almost unique in that it enjoys one of the best wind resources in Australia, co-located with one of the best solar resources. The (wind and solar) resources are highly consistent and complementary; when the sun sets the wind ramps up and continues through to the morning after the sun rises. It is this unique characteristic that will allow Kennedy to provide a near base load generation profile.”
The first stage of the project has an estimated cost of $120 million. The project is expected to gain support for a much larger deployment that could even involve over 1,000 megawatts of wind and solar power.
Roger Price, Windlab’s Chairman and CEO said in a statement last week, “We are delighted with the level of interest and support we have received from investors. It seems clear that investors understand that renewable energy will quickly become a very significant component of our energy generation mix.”
The location was already determined in 2013 and together with its partner, Eurus Energy Holdings Corporation, Windlab has obtained all essential development approvals. The first phase of the project is set to start operations late next year.
For the full report, visit this page.