Construction has commenced on Stage 2 of the Golden Plains wind farm in Victoria, Australia, marking a significant milestone in the development of the Southern Hemisphere’s largest wind farm.
TagEnergy reached financial close on the second stage of this ambitious AUS$4 billion mega-project.
Golden Plains Wind Farm to Power 9% of Victoria
The 1333 MW Golden Plains wind farm, comprising the 756 MW Stage 1 and 577 MW Stage 2, will contribute 9% of Victoria’s energy needs upon completion in mid-2027.
With financing and agreements secured, construction of Stage 2’s 93 wind turbine generators is underway, supported by the Australian Government’s capacity investment scheme (CIS).
TagEnergy secured non-recourse finance from a diverse group of clean energy transition lenders, including Australia’s Clean Energy Finance Corporation, Commonwealth Bank of Australia, Westpac, Denmark’s Export & Investment Fund, Japan’s Mizuho Bank, France’s Natixis Bank, the Bank of China, and Germany’s Deutsche Bank.
Partnerships Extend into Next Phase
TagEnergy has extended its initial project partnerships into Stage 2, signing a new EPC contract with Vestas, appointing AusNet Services for grid connection works, and WestWind Energy as the asset manager.
Stage 1 Nearing Completion
Stage 1 of the Golden Plains wind farm is progressing rapidly, with civil balance of plant works nearing completion and 25% of the turbines already erected. With both stages now underway, over 350 people are expected to be working on-site, contributing to local employment and economic growth.
Accelerating the Energy Transition
Andrew Riggs, TagEnergy’s Managing Partner for Australia, expressed pride in delivering this landmark project, stating, “This mega-project materially improves Victoria’s energy security, puts downward pressure on electricity costs, and dramatically reduces carbon pollution.
Together with our partners, we are accelerating the energy transition.”
Supportive Policy Landscape Boosts Confidence
TagEnergy’s decision to commence Stage 2 construction reflects the positive impact of the government’s CIS scheme, which incentivizes investment in renewable energy generation. Riggs explained, “The supportive policy landscape created by the CIS has given us confidence to start construction of Golden Plains Stage 2 now.”
TagEnergy commended the Australian Energy Market Operator (AEMO) for its swift assessment and approval process for grid connection.
Merryn York, AEMO EGM System Design, acknowledged TagEnergy’s effective management of connection-delay risks through early engagement and collaboration.
Partner Support and Optimism for the Future
Project partners welcomed the financial close and accelerated construction of this vital project for Australia’s renewable energy future.
Vestas, the global turbine supplier, expressed its commitment to Australia’s energy transition and thanked TagEnergy and its subcontractor partners.
CEFC CEO, Ian Learmonth, highlighted the success of their “bridge to contract” finance, enabling construction to begin before securing power purchase agreements.
The Golden Plains wind farm is expected to start generating green energy in the first quarter of 2025, with Stage 2 following in mid-2027.
Once completed, the project will provide enough clean energy to power over 750,000 homes, equivalent to every home in regional Victoria, significantly reducing carbon emissions and contributing to a sustainable energy future.