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Nexif seals financing for Oz wind & storage deal
Denham Capital-backed Nexif Energy has reached financial close on the 126MW first stage of the Lincoln Gap wind farm in South Australia.
The AUD 300m initial phase will consist of 36 Senvion turbines, in addition to a 10MW battery storage system, and is due on line in Q1 2019.
Nexif is being supported on the deal by Australia’s Clean Energy Finance Corporation (CEFC), which is providing a circa AUD 150m construction loan, and Investec, which is providing AUD 39m in working capital and letters of credit.
Port Augusta-located Lincoln Gap has a total capacity of 212MW. It will be constructed by Senvion under a turnkey contract.
Energy generated by the project will be sold under long-term offtake contracts with Snowy Hydro and ERM Power.
The scheme will be “one of Australia’s largest private sector-initiated and owned grid battery systems not underwritten by a government contract or funded by government grants,” Nexif said this week.
Nexif Energy was formed in 2015 by independent power management company Nexif together with Denham Capital.