Tilt Renewables’ Dundonnell wind farm on track, finances in top shape

Tilt Renewables is hoping to complete its Dundonnell wind farm by the end of the year but restrictions put in place by the Government could slow their plans.

Up in the air: Construction of Tilt Renewables' Dundonnell wind farm is on track but its completion may depend on government shutdown notices.

TILT Renewables hopes to have its Dundonnell wind farm in Victoria’s Western District built by the end of the year, despite some hiccups caused by the coronavirus outbreak.

Tilt’s chief financial officer Steve Symons said 28 of 80 turbines had been erected and were going through a testing program before being commissioned.

The remaining 52 were scheduled to be installed and commissioned throughout the rest of the year, with a shipment of equipment on its way from China.

Mr Symons said completion of the project was subject to total shutdowns of business ordered by State or Federal governments and border restrictions impacting on supply of materials and staff movements.

“But at the moment, completion of the projects is broadly in line with our expectations,” he said.

“Shipments (of materials) are on the way and construction is still going on, but any further moves by the government on lockdowns, depending on what they look like, could have impacts on us.”

Mr Symons said if the government moved to a lockdown, Tilt could not necessarily be expected to be considered an “essential service”.

He said another wind farm being built at Waipipi in New Zealand did not get regarded as an essential service when that country’s government moved to a COVID-19 Level 4 Alert in recent days.

“It’s a watching brief for us,” he said.

“We will abide by the government’s restrictions.

“Our priority is to make sure our people are safe and we beat the virus.”

The Dundonnell and Waipipi wind farms are investments valued at $1 billion.

Mr Symons said Tilt’s earnings were about $1 million lower than the bottom end of the guidance range of $118 million to $122 million provided last December.

Its financial year ends on March 31, with full-year results to be reported in May.

As of March 23, the company had a cash balance of $535.2 million.

Mr Symons said Tilt did not have any debts coming up for renewal until 2023.

“We’re in a fantastic position, financially,” he said.