Infigen Secures PPA for 113 MW Bodangora Wind Farm Project
Infigen Energy (ASX: IFN) today announced that Infigen and its development partner have secured a power purchase agreement (PPA) with EnergyAustralia for 60% of the output (electricity and LGCs) from the proposed 113.2 MW Bodangora wind farm project being developed near Wellington in New South Wales. The balance of Bodangora’s output will be actively managed within Infigen’s energy markets risk framework.
The term of the PPA is from the commercial operations date of the wind farm to 31 December 2030. The PPA is conditional upon financial close for the Bodangora project being achieved within an agreed timeframe.
With the PPA signed, Infigen is moving to complete the remaining development tasks associated with the Bodangora project. Infigen and its development partner have also reached in-principle agreement for Infigen to acquire its development partner’s 50% equity interest in Bodangora for an agreed amount. That transaction is intended to be completed prior to financial close. As a result, Infigen will own 100% of the Bodangora project and be responsible for the equity component of construction funding, which can be funded from existing cash reserves.
Infigen’s Managing Director Ross Rolfe AO said, “We are pleased to be able to announce this important step towards our goal of proceeding to construction of a new wind farm. We are working diligently towards finalising other elements of the project in order to reach a final investment decision and financial close.”
Once completed, the Bodangora wind farm would produce enough low-emission and renewable energy to meet the electricity needs of over 49,000 NSW homes.
Infigen continues to contribute toward the Australian Government’s renewable energy target to have 23.5% of total energy in the national electricity market provided by renewable sources by 2020.
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General Manager, Strategy & Corporate Affairs
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