Ratchaburi Electricity Generating Holding Public Company Limited has announced the financial close of AUD258.3 million (US$198 million) with four financial institutions including Australia and New Zealand Bank (ANZ), National Australia Bank (NAB), The Bank of Tokyo Mitsubishi (BTMU) and Societie Generale (SG).
In addition, RAC has already completed the Engineering, Procurement and Construction (EPC) Agreement, the Grid Connection Agreement, the Warranty Operation and Maintenance Agreement and other relevant contracts, enabling the Mount Emerald wind farm project to commence the construction works by November 2016, with the commercial operation scheduled in 2018.
As we reported in late September, Aecom Technology Corp was selected as owner’s engineer for the project.
The wind farm is located on 2,400-hectare land in the north of Queensland, Australia. The project construction will install 53 wind turbines, with 3.45 megawatts each.
Mr. Rum Herabat, RATCH CEO, said:
"The company would like to congratulate on the success of this financial deal marking the significant milestone for Mount Emerald wind farm project, the largest wind farm in Queensland, Australia with the investment value of approximately AUD 400 million. Expected to finish in two years, the construction of the project will install 53 wind turbines and the commercial operation will be started on September 2018. This project successfully entered into the 13-year Power Purchase Agreement (during September 2018 - December 31, 2030) with Ergon Energy Queensland--the state-owned enterprise of Queensland, Australia."
"The Mount Emerald wind farm project well responds to RAC's business strategy focusing on renewable investment including wind farm and also supports RATCH’s renewable target of 20% out of 10,000 megawatts by 2023. Importantly, Australia government shows clear direction for renewable project development, enabling RAC to have more business potential opportunity for future value creation. Moreover, the success of this project reflects the stakeholders' confidence in RAC which will lay the foundation for RATCH's future business expansion into Australia over the long run. The company strongly believes that other projects in RAC’s business pipeline will be advanced as Mount Emerald wind farm."