Macquarie Capital and developer RES are seeking equity investors for the 226MW first stage of the Murra Warra Wind Farm, to come in after financial close.
Sources close to the project said debt finance for the first stage of the wind farm is likely to be secured in the next couple of weeks.
Macquarie has sent out teasers saying it and RES would be seeking third party investors in 2Q18 according to investor sources.
Separately, RES is also now seeking a power purchase agreement and finance for an adjacent 235MW solar plant and 300 megawatt hour battery storage project – the Murra Warra Solar and Storage Project.
Both the Murra Warra Wind Farm and Murra Warra Solar and Storage Projects are located near Horsham, about 300km north of Melbourne.
The total cost of building the full 429MW of both stages of the Murra Warra Wind Farm is estimated at around AUD 650m (USD 510.6m).
It is uncertain how much debt will be raised for the first stage. Bank sources say there is likely to be up to six banks selected.
Meanwhile, The Murra Warra Solar and Storage Project is understood to have received planning approval just before the end of 2017. The developer is now moving quickly to secure an offtake agreement and financing. It hopes to begin construction on the plant in late 2018.
Both projects will be connected to the same point in the electricity grid. Network owner, AusNet Services, is building a new network connection to take the power from the plants.
In late December, a consortium of companies made up of Telstra, ANZ Bank, Coca-Cola Amatil and the University of Melbourne agreed to a power purchase agreement for the first stage of the wind farm.
Construction on the first stage of the wind farm is due to start later in 2018 and conclude in the middle of 2019.