19 June 2024

Export Loan from EIFO Expands One of the World's Largest Wind Farms

image Photo: Vestas mill in transport. Photo: Vestas.
EIFO grants an export loan of DKK 1.3 billion for the second phase of the "Golden Plains" wind farm in Victoria, Australia. Vestas will supply the turbines again.

110 kilometers west of Melbourne, work has just begun on the second phase of the "Golden Plains" wind farm. EIFO is the largest lender in Phase 2 and helped finance the first phase in 2022. Common to both phases are that Danish company Vestas supplies the turbines and is responsible for construction and subsequent service and maintenance. Golden Plains Phase 2 is owned by Portugal-based TagEnergy.

"We are pleased to support Danish exports once again with the new export loan of DKK 1.3 billion for Vesta’s turbines to be used in the 'Golden Plains' project. We were involved back in 2022, and it is very satisfying to be able to participate in the second phase of the project as well," says CCO Peter Boeskov, who is among other things responsible for Large Corporates at EIFO. "It is a unique financing structure where the project achieves financial close before offtake agreements are arranged, which places great demands on all parties involved in the project. The cooperation among lenders and with TagEnergy has worked excellently, and we are very pleased that Vestas has secured its largest contract of the year so far."

EIFO, along with a group of international banks, has secured financing for TagEnergy, the owner of the project. In addition to EIFO, participants include Australia's Green Bank, Clean Energy Finance Corporation, Commonwealth Bank of Australia, Westpac, Mizuho Bank, Natixis Bank, Bank of China, and Deutsche Bank, as well as several Danish subcontractors.

Largest onshore farm

For Vestas, “Golden Plains” 1+2 is their largest onshore wind farm currently under construction.

“Through our best-in-class people, wind turbines and capabilities, Vestas is delighted to build and service this landmark project. As the world’s largest provider of wind energy, we have always been committed to Australia’s sustainable future and we thank EIFO, TagEnergy, and our subcontractor partners, for joining us in this world-changing mission”, says Danny Nielsen, Senior Vice President, Country Head of Vestas Australia & New Zealand.

TagEnergy is very satisfied with the financing, which means that the second phase can commence, as the completed wind farm will have a significant impact on the green transition.

"This mega-project materially improves Victoria’s energy security, puts downward pressure on electricity costs and dramatically reduces carbon pollution. Together with our partners, we are accelerating the energy transition," says Mr. Andrew Riggs, managing partner at TagEnergy.

Golden Plains Wind Farm Phase 1 is expected to produce green energy in the first quarter of 2025, with Phase 2 following in the summer of 2027.

When completed, Golden Plains will provide enough clean energy to supply more than 750,000 households - equivalent to every household in Victoria.