Australasian renewable energy operator, Tilt Renewables Limited inked the 15 year supply deal with Victorian Government in relation to the company’s bid for the Dundonnell Wind Farm.
Today, i.e. 11 September 2018, the company released the market announcement stating an acceptance of offer from the Victorian Government in relation to the generation output for 29 of the 80 turbines to be constructed at Dundonnell.
The deal has been affected through the Support Agreement under which Tilt Renewables will supply electricity to the Victorian government for a term of 15-years under a contract for differences. This brings the certainty to progress the 336 MW project which would require an estimated $300 million of funding for financial close.
In the announcement the company said that final investment decision for financial close is expected to be taken by late CY2018 while the construction is anticipated to begin early in CY2019. Moreover, the total construction cost is now expected to be $560 million, less than the estimate of $600 million, announced previously.
After completion Dundonnell is expected to contribute approximately $40 - $50 million of ongoing free cash flow annually.
TLT share price has surged 2.404% to $2.130 on 11 September 2018.
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