Banco Santander to quit Taralga wind farm in Australia

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Banco Santander to quit Taralga wind farm in Australia

According to sources, Banco Santander is trying to sell its 90 per cent stake in the Australian 106.8 megawatt (MW) Taralga wind farm near Goulburn.

The bank aims to sell the wind farm due to the clean energy sector crisis in the country, caused by the uncertainty surrounding the national Renewable Energy Target (RET). The government and labor opposition have agreed to reduce the 41,000 GWh target for large-scale renewable energy needs due to the downturn in coutry's power demand.

The Taralga wind farm has 10 years power purchase agreement to supply EnergyAustralia. The facilities comprises 51 wind turbines, production of electricity began in December last year.

The total project investment was $280 million. It was financed by:

  • Santander,
  • CBD Energy,
  • Danish export credit agency EKF,
  • ANZ and
  • the federal government's Clean Energy Finance Corporation

In December last year Santander achieved a $2 billion deal with Ontario Teachers' Pension Plan and the Public Sector Pension Investment Board in Canada to transfer its portfolio of renewable energy, but the Taralga wind park was excluded from the portfolio because of the clean energy sector crisis in Australia.

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