
Brookfield starts construction on $2B wind project
- Neoen began constructing a 179-megawatt wind farm in Western Australia.
- The project expands the company's operating and development portfolio in the state past $2 billion.
- A long-term power purchase agreement with government-owned retailer Synergy will absorb all generated output.
Brookfield (NYSE:BN) owned renewables developer Neoen has commenced construction on a 179-megawatt wind farm in Western Australia.
The Narrogin Project represents Neoen's fourth major clean energy build in the state and its first local wind farm.
Neoen secured a long-term agreement with state-owned retailer Synergy to supply all electricity produced by the site.
The project raises Neoen's total operational and under-construction capacity in Western Australia to more than $2 billion.
Following the announcement, the Brookfield share price was unchanged at US$42.39.
The company stated that the site is expected to supply three per cent of annual grid demand.
Federal backing comes via the Capacity Investment Scheme, which offers underwriting support to help renewables clear rising sector costs.