Portland Wind Energy Project generates clean energy in Victoria
Innovative finance crowds in other lenders
The Portland Wind Energy Project in south-west Victoria was completed in 2015 with the support of CEFC finance for the final stage.
Not only will PEWP IV provide a boost to jobs locally in and around Portland, once operating, the project will provide an important contribution to clean energy generation and carbon abatement in the National Electricity Market.Lane CrockettGeneral Manager Australia, Pacific Hydro
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.
CEFC participation in the project encouraged other commercial lenders to take part, enabling the fourth stage of the Portland Wind Energy Project to be built. 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. Stages two, three and four combined have the capacity to produce more than 500 GWh of electricity annually which is enough to power just over 100,000 Victorian homes.