Onshore wind
03 August 2020
The consortium comprising RES, the world’s largest independent renewable energy company and Macquarie’s Green Investment Group (GIG) announced today the completion of the development phase of the second stage of the Murra Warra Wind Farm near Horsham in Western Victoria, and the sale of its interests to global private markets investment manager Partners Group (acting on behalf of its clients).
Murra Warra II Wind Farm comprises 38 wind turbines with a capacity of 209 MW. The sale of Murra Warra II builds on the consortium’s success in the development, financing and construction of the adjacent 61 turbine first stage of Murra Warra Wind Farm, which was also acquired by Partners Group (in 2018).
Murra Warra II will deliver economic benefits to the region, and will form an important part of the state, regional and local economic development. The wind farm is expected to provide over 400 full-time equivalent jobs during the two-year construction period, and ongoing employment opportunities during its operational lifetime. The direct economic stimulus provided by the first stage of Murra Warra Wind Farm during construction has been $4.4 million to the local and regional economy through spend on accommodation, retail items and services and this local stimulus is anticipated to be replicated by the Murra Warra II construction.
A locally managed community fund for both projects will inject an additional $4m of investment into local projects over the lifetime of the wind farms.
Green Investment Group (GIG) is part of Macquarie Capital, and today’s Murra Warra II milestone demonstrates the depth and breadth of global expertise in green development within GIG, Macquarie Capital and RES in the context of the Australian market.
Debt financing was arranged from a banking consortium including ICBC, ING, Mizuho, MUFG, SMBC and Société Générale. The financing was raised in accordance with the Asia Pacific Loan Market Association’s Green Loan Principles, and subject to an independent Second Party Opinion from Sustainalytics. It is understood to be the first time a project finance green loan has been used to fund the construction of a wind farm in Australia.
General Electric will provide the 5.5 MW turbines, with a combined output of 209 MW. The project will be constructed under contract with General Electric International and its subcontractor, Zenviron.
Pure-play renewables company RES will provide construction and operational asset management services under a long-term agreement. RES and GIG arranged a long-term Power Purchase Agreement for Murra Warra II with utility company, Snowy Hydro through its Renewable Energy Procurement Program.
Murra Warra II has been rated by GIG’s Green Investment Ratings & Impact Advisory Team as AAA in its Green Impact Report with a Carbon Score1 indicating its effectiveness at reducing greenhouse gas emissions. Murra Warra II will avoid emissions of an estimated 468 kilotonnes of CO2 each year, generating enough clean energy to power the equivalent of 150,000 Victorian homes.
Matt Rebbeck
CEO, RES, Australia
Lachlan Creswell
Executive Director and Head of Macquarie's Green Investment Group, ANZ
Media enquiries
Notes to editors
RES
In Australia, RES employs over 60 people and has offices in Sydney and Melbourne and multiple regional locations. RES is engaged in all technologies: wind, solar and storage and offer development plus construction and asset management services across Australia. RES currently manages a portfolio of close to 1GW of wind and solar assets in Australia.
At the forefront of the industry for over 38 years, RES has delivered more than 17 GW of renewable energy projects across the globe and supports an operational asset portfolio exceeding 6 GW worldwide for a large client base. Understanding the unique needs of corporate clients, RES has secured over 1.5 GW of power purchase agreements (PPAs) enabling access to energy at the lowest cost. RES employs more than 2,500 people and is active in 10 countries. For more information, visit www.res-group.com.
Macquarie's Green Investment Group
GIG is part of Macquarie Capital, and, brings a depth and breadth of global expertise in green technology and development to Macquarie Capital’s leading position in Australia and New Zealand as an equity investor and developer of green energy and infrastructure assets. GIG has committed or arranged over £20 bn (AUD $36 bn) to green energy projects, and supported over 9 GW of operational capacity to date2. GIG and its operating platforms have investments or operations in over 25 markets and a global development pipeline of more than 25 GW. Macquarie Capital has invested in green energy globally since 2011 across on shore renewables, offshore wind, biomass and waste to energy, and battery storage. It is the corporate advisory, capital markets and principal investment arm of Macquarie Group, combining specialist expertise, innovative advice and flexible capital solutions to help its clients and partners make opportunity reality.
For further information:
Susan Findlay Tickner
Communications and Stakeholder Engagement Manager
0428 622 352
susan.findlaytickner@res-group.com
Footnotes:
Murra Warra II Carbon Score
Murra Warra II Green Impact Report