Xinjiang Goldwind to Build the Largest Wind Project in Australia

Xinjiang Goldwind (Goldwind) has announced it has agreed to purchase the Stockyard Hill Wind Farm project in Victoria, Australia from Origin Energy for a price of AUD$110 million. Origin Energy has also agreed to purchase all the energy and renewable energy certificates produced by the project until 2030 under a power purchase agreement (PPA). The Stockayard Hill Wind Farm power purchase agreement is the largest wind farm power purchase agreement in Australia.

Goldwind’s successful acquisition of the Stockyard Hill Wind Farm demonstrates the strength of Goldwind’s 3s Smart Wind Turbine technology and the ability for this new turbine technology to transform Australian wind farm projects and drive down the cost of renewable energy in Australia. Goldwind Australia will work with the host landowners and the local community as the 149 wind turbine, 530MW Stockyard Hill Wind Farm is prepared for construction. Goldwind Australia will arrange project funding and will deliver the project under an EPC contract (Engineering, Procurement and Construction). Goldwind will have an ongoing role over the 25 year life of the project under an operations and maintenance agreement which will see Goldwind support the performance of its 3s Smart Wind Turbine.

Goldwind Chairman Wu Gang said, “Goldwind is delighted to have been selected by Origin Energy to deliver the Stockyard Hill Wind Farm and to supply renewable energy from the project to Origin until 2030. This project will make a material contribution to achieving Australia’s 2020 Renewable Energy Target. This is the largest wind power purchase agreement seen in Australia.”

Stockyard Hill Wind Farm will produce sufficient energy to supply 400,000 average Victorian houses.

“Goldwind recognises the strong leadership being shown by Origin Energy in the transition to a lower carbon emissions energy sector, Goldwind is also committed to this transition.” Said Wu Gang.

The sale of Stockyard Hill Wind Farm is subject to the satisfaction of certain regulatory conditions. The PPA will also be subject to the satisfaction of a number of conditions including Goldwind achieving close on the project’s financing. KPMG acted as commercial, financial and tax adviser to Goldwind for the acquisition.