BEI partnership buys Warradarge wind farm project in Western Australia
An energy investments consortium made up of Cbus, Dutch Infrastructure Fund (DIF) and Synergy has acquired a 180MW wind farm project in Western Australia.
Bright Energy Investments (BEI) has bought the Warradarge Wind Farm project for an undisclosed sum.
The construction of the project will begin in early 2019 and is expected to cost up to AUD500m (€310.8m).
The status of the project had remained unclear until now when the Western Australian Government gave its approval for its construction.
The Warradarge project is expected to generate first power in 2020.
David Atkin, the CEO of Cbus, said: “Warradarge is the next exciting chapter of this investment, creating up to 200 jobs during and construction and powering the equivalent of 135,000 Western Australian homes in operation.
“This is a solid investment that is set to provide good long-term returns for our members and contribute to a low emissions future.”
The AUD48bn Australian industry super fund Cbus bought into BEI in April this year, and reportedly involved AUD100m investment at the time.
Cbus is equal partner in consortium with DIF. Together, they own 80.1% of BEI.
The original project developer, the West Australian Government-owned electricity generator and retailer Synergy holds the remaining 19.9% stake.
Cbus head of infrastructure Diana Callebaut, said: “As a partner in BEI, Cbus Super sees projects like this as important long-term investments in Western Australia’s energy future.”
The Warrradarge project is the latest among a clutch of renewable energy projects to be approved by the West Australian state government in recent days.
Collectively, these green energy projects are expected to attract more than AUD1bn investment and will treble the renewable energy to the state green over the next two years.