NAB backs new renewable wind farm in Far North Queensland
NAB today announced it is the only Australian bank providing project finance for global renewable energy power producer Neoen to build a $370 million wind energy hub in Far North Queensland.
Located 80km southwest of Cairns, the Kaban Green Power Hub includes a 157 MW wind farm and a 320 km transmission line upgrade.
This project will create about 250 local jobs during construction and make electricity supply more reliable for communities.
NAB Group Executive, Corporate & Institutional Banking, David Gall said the bank is proud to partner with Neoen and invest in clean energy wind projects that benefit Queenslanders.
“This is a beautiful part of the world with excellent natural wind resources. We are proud to support this project, creating new jobs and diversification opportunities for this region,” Mr Gall said.
“We’re very fortunate in Australia to have an abundance of wind and solar resources. It is expected this particular wind farm will generate enough electricity to power around 100,000 homes once completed in 2023.”
“NAB supports the transition to a low carbon economy and the delivery of secure, reliable and affordable energy. Over 70% of our lending in energy is in renewables across over 140 projects. We have financed more renewable energy projects than any other Australian bank,” Mr Gall said.
Louis de Sambucy, Neoen Australia’s Managing Director, said they are delighted the Kaban project has reached an important financial milestone today.
“I would like to thank our lenders for their trust in our ability to deliver high-quality projects. We are proud of the pivotal role the project is playing in establishing the Northern Queensland Renewable Energy Zone and look forward to Kaban contributing to Queensland’s energy transition and supporting the region’s recovery from COVID-19,” Mr De Sambucy said.
As part of the broader project, Neoen will jointly fund Powerlink upgrades to the electricity transmission network which runs from Cairns to Townsville.
NAB acted as one of five Mandated Lead Arrangers for the wind farm, which has a total project cost of approximately $370 million.
NAB has now financed more than $11 billion across 145 transactions in the renewable energy segment since 2003.
About the Kaban Green Power Hub
- Kaban Wind Power Hub consists of a 157 MW wind farm and a 320 km transmission line upgrade, with development approval for a 100 MW battery.
- The project will create approximately 250 local jobs during construction for both wind farm and transmission line upgrade.
- The wind farm will generate enough energy to power approximately 100,000 average Queensland homes.
- The project has a 15-year capacity purchase agreement with CleanCo to provide energy in support of Queensland’s target of 50% renewable electricity by 2030.
- Neoen is one of the world’s leading and fastest growing independent producers of exclusively renewable energy.
- Neoen has close to 4.8 GW of solar, wind and storage capacity in operation or under construction in Australia, France, Finland, Mexico, El Salvador, Argentina, Ireland, Jamaica, Mozambique, Portugal, and Zambia. The company is also present in Croatia, Ecuador, Sweden, and the USA.
- Neoen’s flagship assets include France’s most powerful solar farm in Cestas (300 MWp), and the world’s first big battery in Hornsdale, Australia (150 MW / 193.5 MWh storage capacity). For more information: www.neoen.com
- NAB is committed to delivering $70 billion in environmental financing by 2025.
- NAB is working closely with 100 of its largest greenhouse gas emitting customers to support them in developing or improving their low carbon transition plans by 2023.
- NAB is the only Australian bank that has signed the United Nations Environment Programme Finance Initiative’s Collective Commitment to Climate Action, working towards aligning business operations and lending portfolios to achieve net zero carbon emissions by 2050.