UK-based investment manager Foresight Group has reached financial close on the first stage of the Kondinin Wind Farm in the Wheatbelt, Western Australia (WA), obtaining $300.6m (A$430m) in debt financing and paving the way for construction to begin.
The 130MW initial phase is part of the wider 370MW Kondinin Energy Project, which is now fully owned by Foresight following its acquisition of Shell Energy’s 50% stake in Kondinin Energy.
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The financing has been provided by a consortium of banks comprising the Australia and New Zealand Banking Group, the Commonwealth Bank of Australia, Deutsche Bank, HSBC and Westpac.
Foresight has invested in the project through its Australian Renewables Income Fund.
Stage one of Kondinin will include 21 Vestas V162-6.2MW wind turbines, with Vestas appointed as the delivery partner for this phase.
The project is underpinned by a seven-year power purchase agreement (PPA) with Synergy, which will purchase all renewable energy generated by the first stage.
In addition, the project benefits from a 15-year revenue support contract under the Australian Government’s Capacity Investment Scheme, after being selected as one of seven successful generation projects in Tender 5 for the WA Wholesale Electricity Market.
Foresight Australian Renewables Income Fund portfolio manager Daniel Beaver said: “Reaching financial close takes Kondinin from development into delivery and reflects a significant amount of work across the project.
“With financing secured, long-term revenue support through the Synergy PPA and Capacity Investment Scheme, and the backing of the Western Australian Government through Kondinin’s Priority Project designation, Stage 1 is now ready to move into construction.”
The WA Government has designated the Kondinin project as a Priority Project under the State Development Act 2025.
This status is intended to facilitate coordinated government support and streamline approvals.
The wind farm is expected to support 145 direct jobs during construction and begin delivering renewable electricity to the South West Interconnected System from late 2028.
Once operational, it is projected to produce enough energy to power up to 70,000 homes in WA.
Azure Capital provided debt advisory services to Foresight, while legal advice was given by HSFK. DNV offered technical guidance and Deloitte handled tax matters.
Allens acted as counsel for the lenders.
In March 2026, Foresight signed an agreement to acquire NZ Clean Energy, a renewable energy development platform in New Zealand.
