Singapore-based power producer Nexif Energy has reached financial close for the first stage of its 212MW Lincoln Gap windfarm to be situated near Port Augusta in Australia.
Following completion of the first stage, the farm’s 36 wind turbines will be able to produce 126MW of energy. The development has been supported by offtake contracts with Snowy Hydro and ERM Power.
Nexif Energy 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.”
The entire Lincoln Gap project will feature 59 wind turbines and will generate enough electricity to power around 155,000 homes.
Once developed, the farm will be connected to South Australia’s electricity grid via ElectraNet transmission network and include a 10MW utility scale battery system.
Expected to begin operation by Q1 2019, construction of the Lincoln Gap project will be carried out under a turnkey contract with Senvion Australia.
The country’s Clean Energy Finance (CEFC) will act as financier to lend up to A$150m ($115m) to construct the first stage.
Investec has also provided facilities A$39m ($30m) for working capital and letters of credit of the project.