Independent energy advisory and certification body DNV GL has successfully completed a technical due diligence on Dundonnell Wind Farm in Victoria. The project is financed by a consortium of six lenders, each with prior wind sector experience, led by National Australia Bank (NAB) and The Bank of Tokyo-Mitsubishi UFJ, Ltd. (MUFG).
Having reached financial close in November 2018, the project is scheduled to commence construction in January 2019. When complete the project will consist of eighty 4.2 MW Vestas V150 turbines and associated infrastructure providing a total capacity of 336 MW and will make a key contribution to the region’s renewable energy target.
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Victoria has set clear renewable energy targets and plans to increase renewable energy generation from 25 per cent in 2020 to 40 per cent by 2025. Overall investments in both wind and solar projects in Australia are currently thriving, with DNV GL providing technical due diligence services for over 1 GW of wind and solar projects in 2018.
Working in close collaboration with the project developer Tilt Renewables and the group of lenders, DNV GL’s wind experts worked on:
- Review of all major contracts associated with the development;
- Independent wind energy and site conditions analysis of the project;
- Incorporation of an environmental and planning review, supported by partners ERM; and
- Technical assessment of the Tilt Renewables operational portfolio.
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