Foresight, a global infrastructure and real assets investment manager, has announced financial close on the first stage of Kondinin Wind Farm, a 130-megawatt (MW) onshore wind project located in the Wheatbelt region of Western Australia. The transaction is backed by debt financing of 430 million Australian dollars, roughly 280 million US dollars, clearing the way for construction to begin on this first stage. The project comes amid sustained momentum in the global wind sector: Germany recently awarded 304.5 MW to Navaris in an onshore wind auction, while elsewhere in Germany, Gicon raised its Schipkau wind turbine to 365 meters before November. Foresight is investing in Kondinin through its Australian Renewables Income Fund (ARIF).

An international banking group secures the financing

The debt financing was provided by a consortium comprising Australia and New Zealand Banking Group, Commonwealth Bank of Australia, Deutsche Bank, HSBC and Westpac, according to Foresight. The company said financial close marks the project's transition from the development phase into operational delivery.

The 130MW first stage is now set to move into construction, overseen by Foresight's Australian infrastructure team, which is drawing on the group's in-house development, construction and asset management capabilities.

Foresight takes full ownership of the Kondinin project

Foresight has also acquired Shell Energy's 50% interest in Kondinin Energy Pty Ltd, taking full ownership of the broader Kondinin Energy project, whose total capacity would reach 370 MW once all stages are completed. The two partners had worked together for several years to progress the project, including negotiating the power purchase agreement with Synergy and securing selection under the government's generation capacity support scheme.

To deliver the first stage, Foresight is working with turbine manufacturer Vestas, which will supply 21 V162 turbines with a unit capacity of 6.2 MW.