NAB is targetting A$18bn of clean energy financing activities over the seven years to September 2022 to help address climate change and support the orderly transition to a low-carbon economy, according to a release on Friday.
This underscores the growing importance of this sector, and the positioning of major companies across the industry.
National Australia Bank (NAB) would like to congratulate Xinjiang Goldwind Science & Technology Co. Ltd (Goldwind) on its successful bid to purchase the 530MW Stockyard Hill Wind Farm (Stockyard Hill).
Stockyard Hill, located approximately 35km west of Ballarat, Victoria, is slated to be Australia’s largest wind farm by capacity and upon its completion, will provide enough clean energy to power about 340,000 homes.
NAB acted as the sole mandated lead arranger, underwriter and bookrunner for Goldwind’s acquisition financing for Stockyard Hill. This transaction closely follows NAB’s successful collaboration on the financing of Gullen Range Wind Farm, White Rock Wind Farm and Gullen Solar Farm.
NAB Global Head of Clean Energy Andrew Smith said: “Goldwind are one of the world’s largest manufacturers of wind turbines and we are thrilled to have provided our support in this landmark transaction.
“NAB is the leading arranger of project finance in the Australian renewables sector and this transaction reinforces our position according to Project Finance International 2006 (2016 Asia Pacific Initial Mandated Lead Arrangers League tables December 2016) NAB analysis ranking against four major Australian banks – cumulative volumes.
“This transaction will contribute toward our target of undertaking A$18bn of clean energy financing activities over the seven years to September 2022 to help address climate change and support the orderly transition to a low-carbon economy,” he said.
Managing Director of Goldwind Australia, John Titchen said: “Goldwind recognises the key role that NAB played in underwriting the finance of our successful bid to buy the 530MW Stockyard Hill Wind Farm and secure the largest wind farm power purchase agreement in Australia.
“The capability, commitment and professionalism of the NAB team is impressive and the commitment of NAB to the renewable energy sector is very clear.”