Pacific Hydro has announced that its Portland Wind Energy Project, PWEP IV, has achieved financial close.

General Manager Australia, Mr Lane Crockett, said:

"This is an exciting development for Pacific Hydro. Not only will PWEP 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."

Pacific Hydro has got the support from a consortium of domestic and international banks, including the Clean Energy Finance Corporation (CEFC).

Pacific Hydro has recently embarked on a program of broadening its customer base and with funding in place is now bringing PWEP IV to market in support of its emerging retail energy business.

PWEP IV will include 23 REpower turbines with a total capacity of 47 megawatts (MW). The project is split across two sites at Cape Nelson North and Cape Sir William Grant.

Chris Judd, CEO of REpower Australia, said:

"This is a significant development for our business, which highlights the opportunities in Australia through the Renewable Energy Target to invest in clean generating capacity and local jobs. We are very pleased to build on our strong relationship with Pacific Hydro to deliver the final stage of one of Australia's largest wind farms."

Once completed, the 47MW project, which is situated in an area renowned for its strong, consistent winds, is expected to generate enough clean energy to power the equivalent needs of more than 31,000 Victorian homes*, abating around 180,000 tonnes of carbon pollution^ annually.

The 179MW Portland Wind Energy Projects includes four stages: PWEPI at Yambuk 30MW, PWEPII at Cape Bridgewater 58MW, PWEPIII at Cape Nelson South 44MW and PWEPIV at Cape Nelson North and Cape Sir William Grant 47MW.

Source: PacificHydro