Foresight approves $600M WA wind farm
- Foresight Group has approved a $600 million final investment decision for the first stage of the Kondinin Wind Farm in Western Australia.
- The project will be financed through the firm's Australian Renewables Income Fund alongside $430 million in bank debt.
- The development supports Western Australia's state target to completely retire its coal-fired power generators by 2030.
Foresight Group has reached a $600 million final investment decision to construct the 130-megawatt first stage of the Kondinin Wind Farm in Western Australia.
The announcement follows energy giant Shell (NYSE:SHEL) selling its stake in the project, giving Foresight full ownership of the development.
"Kondinin is a long-term investment in the region as well as in Western Australia’s energy system," said Foresight Group Portfolio Manager Daniel Beaver.
The company stated that contractor Vestas (CPH:VWS) will help deliver the first stage to power roughly 70,000 homes, with an additional 240 megawatts currently in planning.
Construction is expected to create 145 jobs and supply electricity to the grid from late 2028 under a seven-year power purchase agreement with state-owned Synergy.
The project forms part of Western Australia's broader strategy to replace state-owned coal power plants with renewable energy infrastructure before 2030.
The Australian Energy Market Operator previously forecast a 1,000-megawatt grid shortage by 2032, requiring further regional generation developments to meet future demand.
