Tag Energy has begun work on phase 2 of what is now the largest wind farm in the southern hemisphere, the Golden Plains wind farm in Victoria, after reaching financial close on the second stage of its A$4 billion megaproject.
The 1,333MW Golden Plains Wind Farm, comprising the 756MW Stage 1 and 577MW Stage 2, will supply 9% of Victoria’s power when completed in mid-2027.
TagEnergy has secured non-recourse financing from a global group of clean energy transition lenders comprising Australia’s Green Bank, the Clean Energy Finance Corporation, he Commonwealth Bank of Australia, Westpacthe danish Export & Investment Fundhe Mizuho Bank from Japan, the Natixis Bank French, the Bank of China and the Deutsche Bank German.
Expanding its initial project partnerships into the next phase, TagEnergy has entered into a new engineering, procurement and construction contract with global turbine supplier Vestas, appointing AusNet Services to carry out grid connection works and WestWind Energy as administrator of assets.
The start of work on Stage 2 occurs when the civil balance of the plant works in Stage 1 is about to be completed and 25% of the turbines of Stage 1 have been installed. With both stages underway More than 350 people are expected to work there.
“We couldn’t be prouder to deliver the largest wind farm in the Southern Hemisphere,” said Andrew Riggs, managing partner of TagEnergy in Australia.
Energy security
“This megaproject materially improves Victoria’s energy security, puts downward pressure on electricity costs and dramatically reduces carbon pollution. Together with our partners, we are accelerating the energy transition,” said Mr Riggs.
TagEnergy’s decision to commence construction of Stage 2 reflects the new supportive policy landscape enabled by the Government’s CIS scheme which encourages investment in renewable energy generation.
“The supportive policy landscape created by the CEI has given us confidence to begin construction of Golden Plains Stage 2 now,” he said.
“The start of construction will maximize security in the execution of the project and strengthen the competitiveness of our offer in the upcoming CIS auction. Our Stage 1 construction progress has been excellent and demonstrates our ability to deliver. These construction teams, who will also build Stage 2, truly share our vision for a clean energy future,” said Mr Riggs.
TagEnergy commended the Australian Energy Market Operator (AEMO) for the pace of the grid connection assessment and approval process.
“The diligence and expertise of the Vestas and AEMO Victoria grid connection teams, who leveraged best practices developed during the Stage 1 connection process of the adjacent 756 MW Golden Plains wind farm, reduced the assessment period of nine months to five months,” Riggs said.
“This significant achievement is a major contribution to the speed and economy of Australia’s energy transition,” he said.
Merryn York, EGM systems design at AEMO, said TagEnergy has demonstrated that connection delay risks can be effectively managed through early engagement with AEMO and the connecting transmission network service provider, collaboration with equipment manufacturers and acting quickly to facilitate resolution of problems as they arise.
Project partners welcomed the financial close and rapid construction tracking of this vital project for Australia’s renewable energy future.
Vestas senior vice president and country director Australia and New Zealand Danny Nielsen said: “Through our best-in-class capabilities and wind turbines, Vestas is delighted to build and service this landmark project – our largest onshore wind farm currently under construction. in the world. As the world’s largest wind energy supplier, we have always been committed to Australia’s future and we thank TagEnergy and our subcontractor partners, including MPK and CPP, for joining us on this world-changing mission.”
CEFC chief executive Ian Learmonth added: “In further demonstration of the success of our innovative ‘bridge to contract’ financing, CEFC capital will allow construction to begin before Stage 2 secures power purchase agreements, which will ensure faster deployment of clean, green energy for Victorian consumers. . This strategy helped accelerate construction of Stage 1, which subsequently contracted 60 percent of its energy.”
Stage 1 of the Golden Plains Wind Farm is expected to begin producing green energy in the first quarter of 2025, followed by Stage 2 in mid-2027.
Once completed, the Golden Plains Wind Farm will provide enough clean energy to power more than 750,000 homes, the equivalent of every home in regional Victoria.
