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Reported by RES on 10 September 2018

RES Completes the Sale of Murra Warra Wind Farm Stage I to Partners Group

RES (Renewable Energy Systems) today announced that together with Macquarie Capital it has successfully secured equity funding for the construction of the first stage of Murra Warra Wind Farm ("Murra Warra I") in Australia. The 226MW wind farm is being acquired from RES and Macquarie Capital by global private markets investment manager Partners Group, acting on behalf of its clients.

Visualisation of Murra Warra Wind Farm (Courtesy of Renewable Energy Systems Limited)

Construction of Murra Warra I, comprising 61 wind turbines, commenced in March 2018 following the securing of debt financing provided through a consortium comprising ANZ, The Bank of Tokyo-Mitsubishi UFJ Ltd, Sumitomo Mitsui Banking Corporation and Westpac Banking Corporation. Construction is being undertaken by Senvion, one of the world’s leading turbine manufacturers, and Downer, one of Australia’s top civil and electrical contractors.The project will be connected to the grid network by a new terminal station which will be built, owned, and operated by AusNet services. During this stage of the project, around 150 jobs in regional Victoria will be created. Murra Warra I is expected to be fully operational by mid 2019 when the project will generate permanent jobs for ongoing operation, monitoring and maintenance works.

Approximately AUD 40 million will be injected into the local economy and a local benefit fund will be established post completion to support local community organisations.

When operational, Murra Warra I will generate enough clean electricity to power 220,000 Victorian homes each year. This represents a C02 emissions reduction of approximately 900,000 tonnes per year or the equivalent of removing 320,000 cars from roads each year.

RES and Macquarie had already secured long-term power purchase agreements for the project with commercial and industrial customers, including Telstra, Australia's largest telecommunications company, Coca-Cola Amatil, Australia and New Zealand Banking Group (ANZ), the University of Melbourne and Monash University.

Matt Rebbeck, Chief Executive Officer of RES in Australia said “Murra Warra is a world class project which will be one of the highest performing wind farms in the southern hemisphere. We have been involved in the Murra Warra development since its inception and we look forward to our continued involvement in the project as construction and asset manager together with the Partners Group team.”

Ivan Varughese, Macquarie Capital’s Head of Infrastructure, Utilities & Renewables ANZ said “Macquarie Capital is proud to be developing Australian renewable energy projects. Our high quality assets provide low- cost clean energy to Australian consumers and are being recognised as attractive investments in a global market. Murra Warra is an important greenfield energy project which will deliver energy security and regional employment opportunities and we are confident that Murra Warra I’s stakeholders will benefit from the stewardship of Partners Group. Macquarie and RES remain committed to the successful development of Murra Warra’s second stage.”

RES will continue its involvement in the project in its capacity as construction and asset manager. RES and Macquarie Capital will continue to develop Murra Warra Stage II, comprising 55 wind turbines, as well as a solar farm and energy storage project at Murra Warra.

References

[1]

Renewable Energy Systems Limited. Press release - RES Completes the Sale of Murra Warra Wind Farm Stage I to Partners Group. URL: http://res.mynewsdesk.com/pressreleases/res-completes-the-sale-of-murra-warra-wi.... [Date Accessed: 01/10/2018].

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