Cubico Sustainable Investments has achieved financial close for the Wambo wind farm project in Queensland, Australia. The project comprises the 252MW Stage I and 254MW Stage II wind farms.
Two separate five-year project finance facilities, totalling A$650m ($412m), have been secured. The funding comes from a consortium of banks, including ANZ, Crédit Agricole, ING, NAB, and Westpac. ANZ is also providing bank guarantee facilities, while NAB acts as the agent, security trustee, and account bank.
The Wambo wind farm, located near Jandowae in Queensland’s Western Downs region, is Cubico’s first operational project in Australia. It is a joint venture with the Stanwell Corporation, which will purchase Cubico’s 50% share of the energy generated.
The project aligns with Queensland’s goal to source 80% of its electricity from renewable energy by 2035. Stage I is expected to commence operations in 2025, while Stage II will follow in 2026, introducing 41 turbines, which will be the tallest onshore turbines in Australia.
Cubico’s Australian portfolio includes a 2.5GW pipeline of wind, solar, and battery storage projects, with an additional 3GW of early-stage greenfield developments.
The wind farm will generate 200 construction jobs and several permanent roles upon completion.
Cubico Australia country head David Smith stated: “This is a significant milestone for the Wambo wind farm, demonstrating the continued progress of the project as we move towards first power. Once completed, Wambo will play an important role in enabling Queensland to meet its clean energy generation targets while delivering lasting benefits through job creation, economic growth, and our community benefit funds, which have already supported important initiatives in the region.”