Nexif Energy has secured required financing for the first stage of its $450m 212 MW Lincoln Gap Wind Farm in Port Augusta, South Australia.
During the first stage of the wind farm project, construction and operation of 36 wind turbines will be completed to deliver a combined capacity of 126 MW.
Located 15km west of the Spencer Gulf town, the Lincoln Gap will be constructed by Senvion Australia under the terms of a turnkey contract. Furthermore, the project will include installation of a 10 MW utility-scale battery system.
Snowy Hydro and ERM Power are extending their support for the first stage of the project with their offtake agreements.
The complete project, which involves construction and operation of 59-wind turbine farm, will produce 212 MW electricity, which is enough to power nearly 155,000 homes.
Upon becoming operational in the first quarter of 2019, the project will feed into the State’s electricity grid through the ElectraNet transmission network.
As the project financier, Clean Energy Finance Corporation (CEFC) has sanctioned AUD$150m ($115m) loan for the first phase of the project. Additionally, Investec has provided facilities of AUD39m ($30m) for working capital and letters of credit for the project.
Nexif Energy co-founder and co-CEO Matthew Bartley said: “As a new, independent participant to the Australian market, we are excited to implement an innovative contracting strategy that will not only provide renewable power to thousands of Australian homes but also optimise the use of grid-scale battery storage on a commercial basis.”