The Regional Government of Victoria in Australia announced the award to GPG of a total 180 MW of power output for the construction of a wind farm located 150 km from the State capital, Melbourne. This is the first inorganic investment by the Naturgy group since the presentation of its strategic plan 2018-2022.
A total of 259 million Australian Dollars (some 166 million euros) will be invested in Berrybank, the name given to this new wind farm, and it is expected to begin operating in the second half of 2020. It is expected that construction of this wind farm will generate EBITDA of close on 22 million euros per year once it enters operation.
This new contract for GPG in Australia meets the investment and profitability criteria set out in the new 2018-2022 strategic plan, as it includes a 15-year power purchase agreement at a regulated tariff. This triples the forecast growth in renewable capacity for this period.
With the award of this project, we will be able to achieve a renewable capacity of 271 MW in Australia together with the construction of the other 91MW Crockwell II wind farm, which will enter operation in the fourth quarter of 2018.
“The Berrybank wind project is an opportunity for GPG to continue its international growth strategy and renewable investment in Australia, an essential market for GPG”, said our Vice President, Karl Lim.
In Australia, we have a portfolio of projects of more than 1000 MW in the States of Victoria and New South Wales, of which some 500 MW are ready to be developed if awarded.