Naturgy JV with Kuwait SWF Sets Sight on Third Wind Farm Project in Australia

Posted on 09/06/2020

Naturgy Energy Group SA (formerly Gas Natural Fenosa) is a major Spanish utility company. Naturgy and its joint venture partner, the Kuwait Investment Authority (KIA), plan to fund and build a 218 megawatt wind farm in the state of Victoria, Australia that will be called Ryan Corner. The Ryan Corner project was awarded a 15-year power purchase agreement (PPA) for 75% of the wind farm’s output from electricity retailer and generator Snowy Hydro Ltd. The wind farm site is roughly 300 kilometers from Melbourne.

According to a Naturgy market filing, the Ryan Corner project has an investment cost of A$ 359 million.

Global Power Generation is the name of the joint venture between KIA (through Wren House Infrastructure Management) and Naturgy. KIA owns a 25% stake in the joint venture. Global Power Generation already constructed a wind firm in New South Wales, called Crookwell II, which is a 91 megawatt wind firm.

The JV is currently building the 180 megawatt Berrybank wind project in Victoria. GPG secured funding up to A$ 284 million for the Berrybank project with VISION, a funding vehicle for land-based wind farms which was founded in collaboration with institutional investors advised by JP Morgan Asset Management and Vestas Wind Systems.

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