Yinson Renewables lands $186M to build first NZ wind farm
What's the deal? Yinson RenewablesDealroom has a profile for this one. Try Dealroom → has secured about US$181.7M (roughly $186 million) in project financing for its 94.6MW Mt Cass Wind FarmDealroom has a profile for this one. Try Dealroom → on New Zealand's South Island. MUFG BankDealroom has a profile for this one. Try Dealroom → led the package alongside HSBCDealroom has a profile for this one. Try Dealroom → and Bank of New ZealandDealroom has a profile for this one. Try Dealroom →, with all three acting as mandated lead arrangers and bookrunners.
The structure: The financing comprises senior construction and term loan facilities, a debt service reserve facility, and instrument facilities. MUFG also served as sole structuring coordinator, facility agent, and security trustee, while HSBC acted as the account bank.
Why now? Construction began earlier this year, so the financial close locks in funding as the project moves ahead. Commercial operations are targeted for 2028.
What's the endgame? The wind farm is expected to generate enough electricity to power about 40,000 homes and support New Zealand's decarbonisation efforts. It marks Yinson Renewables' first wind project and its first project in New Zealand to reach financial close.
Chief executive officer Vegard Urnes called it "a defining project," adding that it "expands our renewable energy platform and establishes a strong foundation for our continued growth in the market."
The signal: Yinson Renewables said the close ranks among the largest wind project financings completed in New Zealand in recent years — a sign that major international banks are backing the country's energy transition.
Read more: nst.com.my
Image credit: Christine Johnstone
