Wind farm in Queensland shapes the future of renewable energy
Mount Emerald Wind Farm to bring positive environmental, economic and social impact
Expected to be completed in 2018, the Mount Emerald Wind Farm project will have 53 new Vestas wind turbines installed in Queensland, Australia. With a total capacity of 180 megawatts, it is deemed as one of the largest renewable energy developments in the region, bringing numerous long term economic and environmental benefits. The project will help the Queensland Government achieve its target of 50% of electricity supplied by renewable sources by 2030.
Once the wind farm is in commercial use, it will generate environmentally sustainable electricity with the capability to power around 75,000 homes, while producing minimal greenhouse gasses and no toxic pollution, with low maintenance costs.
In 2016, 17 percent of the overall electricity generated in Australia was from renewable energy, in which wind power accounted for one third of it, behind hydropower. With technological advancements in the sector, the wind turbines are now larger and more efficient and wind power continues to be a significant driver of growth in renewable energy in the country.
In addition to the positive environmental impact, the project also brings benefits to the local community as up to 150 new jobs in supply chain, engineering, procurement and construction have been created in North Queensland.
RATCH-Australia Corporation, an experienced power generation asset developer who owned the project, has a long term power purchase agreement with Ergon Energy, a fully owned Queensland Government entity on electricity and Large-scale Generation Certificate (LGC) production until December 2030.
We are really pleased to be able to get the construction of this project underway after such a long time in planning
EGM Business Development for RATCH-Australia
We have benefitted a lot from the experience of some of the companies who have helped us make this project a reality, and this includes our counterparties who are some of the most active renewable energy participants in Australia
EGM Business Development for RATCH-Australia
Societe Generale was Mandated Lead Arranger and Hedge Provider in the AUD 259,014,426 financing of the construction and operation of the Mount Emerald Wind Farm.
RATCH-Australia is an independent power generation company which operates and owns a number of wind farms in Australia and is expanding their portfolio in renewable power generation. We are keen to leverage our experience and knowledge in renewable energy, project financing and interest rate hedging to support their development and other renewable energy projects in the region,
Regional Head of Natural Resources & Infrastructure, Asia Pacific