Denham Capital to Invest $75 Million of Equity to Develop Wind Power Projects in Australia

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Researched by Industrial Info Resources Australia (Perth, Australia)--In May 2013, Denham Capital (Boston, Massachusetts), an energy-focused global private equity firm, joined arms with Enersys (Pennsylvania), Kato Capital (San Francisco, California) and NP Power Pty Limited (Sydney, Australia) to develop wind energy projects in Australia with a planned investment value of $75 million.

The joint venture companies have created Onewind Australia, a special purpose business entity to develop the windfarms. Onewind Australia's development portfolio will consist of wind projects in New South Wales, South Australia and Tasmania, with a total capacity of approximately 1 gigawatt. Together with NP Power as working partner, Onewind Australia will build the 240-megawatt (MW) Cattle Hill windfarm in Tasmania; 100-MW Glen Innes windfarm in NSW; and 250-MW Lincoln Gap windfarm in South Australia.

NP Power Pty Limited proposed the cattle hill windfarm in 2010, which will be located near Lake Echo, Tasmania, Australia. The windfarm will have 100 turbines and will generate up to 240 MW of renewable energy to the grid. Onewind, together with NP Power, will continue to work on the Cattle Hill Windfarm and seek approvals as needed. Timing for submission of the planning application will depend upon other development approvals. Windfarm construction is planned to begin by end of 2014. Two other windfarms in the portfolio are being fast-tracked for development.

In November 2012, Denham opened its office in Perth to tap metals and minerals opportunities in the region. The same company has appointed Michael Toke as the managing director for Onewind Australia to pursue the windfarm projects. Onewind Australia will have its operations from Sydney.

"We are delighted to be forming OneWind Australia with our partners at Enersis Australia, National Power and Kato Capital and look forward to accelerating the near term pipeline of projects," said Scott Mackin, managing partner and co-president at Denham Capital and head of the firm's Global Power and Renewable team.

Denham said that its investment is aimed at accelerating development of these projects, with a goal of achieving financial closure on several phases in the second half of 2013 or in 2014.

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