The 112MW Granville Harbour Wind Farm will boost Tasmania’s wind energy capacity by about a third.
On a 1,200 hectare cattle farm on Tasmania’s west coast, the Granville Harbour Wind Farm is owned by Palisade Investment Partners on behalf of its clients and has a long-term power purchase agreement with Hydro Tasmania.
It is expected to create 200 jobs during construction. Once operational, the $280 million wind farm’s 31 turbines are expected to generate enough electricity to power 46,000 homes.
The Granville Harbour development is part of an increasing focus on wind energy in Tasmania, which will see considerable investment in regional areas of the state over the coming years.
Tasmania is targeting 100 per cent renewable energy by 2022 and is looking towards becoming a net exporter of electricity by supplying renewable energy to the National Electricity Market.
Tasmania currently has about 90 per cent of its electricity generated from renewables, with the bulk coming from its hydro-electric resources.
The CEFC’s $59 million finance towards the project is in two parts - a direct equity commitment of $25 million and a further $34 million in equity commitment via the Palisade Renewable Energy Fund (PREF).
The CEFC’s direct equity commitment was sold in December 2018.