Technical Due Diligence of Dundonnell wind farm will contribute to the Victorian Renewable Energy Target to increase increase renewable energy generation from 25% in 2020 to 40% by 2025.
MELBOURNE, Australia - 22 January 2019 – DNV GL, the world’s largest independent energy advisory and certification body, has successfully completed a technical due diligence on Dundonnell Wind Farm in Australia. The project is financed by a consortium of six lenders, each with prior wind sector experience, led by National Australia Bank (NAB) and The Bank of Tokyo-Mitsubishi UFJ, Ltd. (MUFG). Having reached financial close in November 2018, the project is scheduled to commence construction in January 2019. When complete the project will consist of eighty 4.2 MW Vestas V150 turbines and associated infrastructure providing a total capacity of 336 MW and will make a key contribution to the regions renewable energy target.
The Australian state of Victoria has set clear renewable energy targets and plans to increase renewable energy generation from 25% in 2020 to 40% by 2025. Overall investments in both wind and solar projects in Australia are currently thriving, with DNV GL providing technical due diligence services for over 1 GW of wind and solar projects in 2018
Working in close collaboration with the project developer Tilt Renewables and the group of lenders, DNV GL’s wind experts worked on:
- Review of all major contracts associated with the development
- Independent wind energy and site conditions analysis of the project
- Incorporation of an environmental and planning review, supported by partners ERM
- Technical assessment of the Tilt Renewables operational portfolio
Clayton Delmarter, General Manager Renewable Development, Tilt Renewables said: “We continue to enjoy our long-standing relationship with DNV GL and our ability to rely on their expertise to help us make projects like the Dundonnell Wind Farm a reality.”
Nicolas Renon, Executive Vice President, APAC at DNV GL – Energy said: “We are excited to support the renewable energy targets of the Victorian government with our local team of wind energy experts. Drawing on our extensive global experience of delivering technical due diligence support to renewable projects all over the world, our local team of experts is looking forward identifying risks and recommend suitable mitigations to the satisfaction of all six project lenders.”
About DNV GL
DNV GL is a global quality assurance and risk management company. Driven by our purpose of safeguarding life, property and the environment, we enable our customers to advance the safety and sustainability of their business. We provide classification, technical assurance, software and independent expert advisory services to the maritime, oil & gas, power and renewables industries. We also provide certification and supply chain services to customers across a wide range of industries. Operating in more than 100 countries, our experts are dedicated to helping customers make the world safer, smarter and greener.
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