Portland Wind Energy Project
- Renewable energy
Victoria's Portland wind farm
The final stage of the Portland Wind Energy Project in south-west Victoria was completed in 2015 with the support of finance from the CEFC.
The Portland wind farm aims to generate enough electricity to power just over 100,000 Victorian homes each year, equalling more than five per cent of Victoria's residential electricity demand.
The CEFC contributed to the development of stages two, three and four of the Portland Wind Energy Project. Combined, these elements are expected to produce more than 500 gigawatt hours of electricity each year, while avoiding carbon emissions of around 590,000 tonnes per annum.
Renewable energy creates local jobs
Pacific Hydro sourced towers from Australian manufacturers and local construction companies delivered electrical and civil works. Senvion supplied and installed turbines. The construction phase created around 400 jobs that Pacific Hydro mainly sourced locally.
In September 2013 CEFC committed $70 million in debt financing to the Portland project, alongside a $158 million consortium of domestic and international banks, towards the $361 million project.
The financing was for the construction of stage four and the refinancing of stages two and three. The CEFC finance was fully repaid early as part of the sale of the Pacific Hydro group to State Power Investment Corporation in January 2016.
Victoria, Wind, Renewable energy