NAB to finance $370 Kaban wind farm project
A big four bank will throw its considerable financial might behind a gamechanging $370m green power hub which is set to generate hundreds of Far North jobs.
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A BIG four bank will throw its considerable financial might behind a gamechanging new $370m Kaban wind farm in Far North Queensland.
The renewable energy project is set to be an economic boon for the Cains region, creating 250 jobs and providing residents a cleaner, more reliable energy source.
NAB has announced they will become the only Australian bank to help fund the power plant, to be built at Ravenshoe by Neoen Australia.
Group executive David Gall said they were eager to invest in the pivotal clean energy wind station.
“This is a beautiful part of the world with excellent natural wind resources,” he said.
“We are proud to support this project, creating new jobs and diversification opportunities for this region,” he said.
“We’re very fortunate in Australia to have an abundance of wind and solar resources.”
The funding comes after the Minister resources, water and Northern Australia, Keith Pitt, knocked back federal funding for the project earlier this year, something Leichhardt MP Warren Entsch was critical about at the time.
“I stand by that, and I think this private investment shows you can’t keep a good project down,” Mr Entsch said.
“It’s fantastic news, it makes a lot of sense.
“We are punching well above our weight in the Far North when it comes to renewables.”
The project consists of a 157MW wind farm and a 320km transmission line upgrade from 132 kV to 275 kV of the North Queensland coastal circuit.
The plant’s wind resource will generate 457 GWh of clean energy each year, enough to power about 100,000 homes – more than enough for every home in Cairns.
It is expected to completed in 2023.
Neoen Australia’s managing director, Louis de Sambucy, said the NAB backing was “an important financial milestone.”
“I would like to thank our lenders for their trust in our ability to deliver high-quality projects. We are proud of the pivotal role the project is playing in establishing the Northern Queensland Renewable Energy Zone and look forward to Kaban contributing to Queensland’s energy transition and supporting the region’s recovery from COVID-19,” Mr De Sambucy said.
As part of the broader project, Neoen will jointly fund Powerlink upgrades to the electricity transmission network which runs from Cairns to Townsville.
Mr Gall said the Far North continued to be an important market for NAB.
“We are really proud of our business and personal banking operations not just in Cairns, but throughout the whole region,” he said.
“I’m really proud of the leading position we have.
“Agriculture, rural and regional Australia is very important to NAB, and to be able to participate and support a project like this is consistent with out focus on regional and rural communities.”
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Originally published as NAB to finance $370 Kaban wind farm project
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