Cubico Sustainable Investments is making waves in the Australian renewable energy sector with its recent financial close for the Wambo wind farm project, a significant leap towards a greener future. This project, which encompasses both Stage I (252MW) and Stage II (254MW) wind farms, is set to bolster Queensland’s ambitions to source 80% of its electricity from renewable sources by 2035. With a hefty A$650 million ($412 million) secured through a consortium of banks including ANZ, Crédit Agricole, ING, NAB, and Westpac, it’s clear that the financial backing for this endeavor is solid.
This marks Cubico’s first operational project in Australia, and it’s kicking off with a bang. The partnership with Stanwell Corporation not only allows for shared financial risk but also ensures a steady buyer for half of the energy produced. This collaboration is a smart move, aligning with Queensland’s broader energy goals while also fostering local economic growth. The wind farm is strategically located near Jandowae in Queensland’s Western Downs region, an area that is increasingly becoming a hub for renewable energy projects.
What’s particularly exciting about the Wambo project is the technology it will employ. The second stage will introduce 41 additional turbines, which will be the tallest onshore turbines in Australia. This not only showcases a commitment to innovation but also sets a precedent for future projects in the region. As the first stage is expected to begin operations in 2025, the wind farm is poised to contribute significantly to the local grid and provide a reliable source of clean energy.
The construction phase is expected to create around 200 jobs, which is a boon for the local economy. But it doesn’t stop there; Cubico’s commitment to community benefit funds means that the project will also support various initiatives in the region, enhancing its social footprint. David Smith, Cubico Australia’s country head, emphasized the importance of this milestone, highlighting how the project will aid Queensland in meeting its clean energy targets while simultaneously providing lasting economic benefits.
Cubico’s Australian portfolio is impressive, boasting a 2.5GW pipeline of wind, solar, and battery storage projects, along with an additional 3GW in early-stage developments. This robust pipeline underscores the company’s strategic vision and positions it as a key player in Australia’s transition to renewable energy.
As the world grapples with climate change, the developments at Wambo could serve as a blueprint for similar projects across the globe. The synergy between financial institutions, energy companies, and local governments is critical to advancing the renewable agenda. The Wambo wind farm isn’t just a project; it’s a statement that the future of energy is here, and it’s renewable. With ongoing advancements and increasing investment in the sector, we can expect to see a ripple effect that could potentially reshape energy landscapes well beyond Australia.
