Macquarie to invest AUD 22 billion in 11 GW Australian solar and wind project
Post date: 08/10/2018 - 22:37
Macquarie Group Ltd. will provide development capital to the Asian Renewable Energy Hub and join the project consortium alongside Intercontinental Energy, Vestas and CWP Energy Asia. The consortium is developing the large wind and solar hybrid power hub in the Pilbara region in Western Australia, which will provide electricity to mines and mineral processing operations in the region. According to the company, the hub’s generation capacity is being increased from 9 GW to over 11 GW, with more than half now allocated for existing and new energy users. The hub still retains significant generation for direct export to South East Asia via subsea electrical cables, »but the emphasis on support for domestic economic growth has grown«, says the company.
The 11 GW generation capacity will consist of 7.5 GW of wind turbines and 3.5 GW of solar PV arrays, which will generate more than 40 TWh per annum. Total capital investment in the hub is anticipated to be in excess of AUD 22 billion ($15.5 billion). According to news agency »Bloomberg«, financial close for the first phase is expected in 2021 and the project is expected to be constructed in phases over six to seven years.