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September 21, 2021

Neoen secures financing for Kaban Green Power Hub in Australia

The project includes a 157MW wind farm and an upgrade to a 320km transmission line on the North Queensland coastal circuit.

By Umesh Ellichipuram

French renewable energy company Neoen has reached financial close for its A$370m ($269m) Kaban Green Power Hub project in Far North Queensland, Australia.

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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
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A syndicate of five lenders, namely BNP Paribas, HSBC, Mitsubishi UFJ Financial Group (MUFG), National Australia Bank (NAB) and the Norddeutsche Landesbank (NORD/LB), provided debt financing for the project.

Neoen Australia managing director Louis de Sambucy said: “We are delighted to announce that our Kaban project has reached this important financial milestone.

“I would like to thank CleanCo Queensland and our lenders for their trust in our ability to deliver high-quality projects.”

The project includes a 157MW wind farm located near Ravenshoe in the Atherton Tablelands, as well as an upgrade to a 320km transmission line on the North Queensland coastal circuit.

The wind farm is owned by Neoen and includes 28 wind turbines supplied by Vestas.

Vestas is also serving as the engineering, procurement and construction contractor for the project.

Works at the project site are currently underway and are expected to take 21 months to complete.

The project is expected to create more than 250 construction jobs in the region, with 50 workers already active on site.

Once completed, it is expected to generate 457GWh of clean energy a year.

The project has a 15-year capacity purchase agreement in place with Queensland’s publicly owned clean energy company CleanCo, which will buy the entirety of the renewable energy generated by the wind farm.

Neoen has also partnered with Powerlink Queensland for the upgrade of the transmission link between Cairns and Townsville.

Powerlink chief executive Paul Simshauser said: “The Kaban Green Power Hub is pivotal to unlocking Queensland’s first Renewable Energy Zone.

“It forms part of A$700m ($508m) worth of work Powerlink is delivering in North Queensland over the next five years.”

In February, Neoen reached financial close for the Victorian Big Battery project, a 300MW/450MWh energy storage facility in Australia.

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Free Report
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Delve into the renewable energy prospects for Morocco

In its new low greenhouse gas (GHG) emission strategy to 2050, submitted to the United Nations (UN), the Ministry of Energy Transition and Sustainable Development (MEM) of Morocco suggested to raise the share of renewable capacity in the country’s total power installed capacity mix to 80%.   Morocco currently aims to increase the share of renewables in total power capacity to 52% by 2030. The new strategy plans to increase the share of renewable capacity to 70% by 2040 and 80% by 2050.  GlobalData’s expert analysis delves into the current state and potential growth of the renewable energy market in Morocco. We cover: 
  • The 2020 target compared to what was achieved 
  • The 2030 target and current progress 
  • Energy strategy to 2050 
  • Green hydrogen 
  • Predictions for the way forward  
Download the full report to align your strategies for success and get ahead of the competition.   
by GlobalData
Enter your details here to receive your free Report.

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