CANBERRA, 17 August, 2017; Australia’s international renewable energy development company, Windlab Limited (Windlab) successfully closed its initial public offer today, fully underwritten and oversubscribed. It is expected to commence trading on the ASX on Wednesday August 23, 2017.
Windlab through its sole lead manager and underwriter, Moelis Australia, placed 25 million shares at $2 each, raising $50 million in capital. 50% of the proceeds from the offer will allow existing shareholders to realise some of their long-held investment, whilst the remaining new capital will be mostly directed to the completion and funding of phase one of Kennedy Energy Park.
“We are delighted with the level of interest and support we have received from investors.” Said Roger Price, Chairman and Chief Executive Officer. “It seems clear that investors understand that renewable energy will quickly become a very significant component of our energy generation mix.”
Kennedy Energy Park Phase 1 (Kennedy) is an innovative 60MW wind, solar and storage hybrid energy solution located near Hughenden in Far North Queensland. This location was chosen using Windlab’s proprietary WindscapeTM technology because of its high and consistent wind resource. The profile of the wind resource which is biased toward the late afternoon, evening and night, is extremely complementary with the abundant solar irradiation in outback Queensland, making the location ideal for such a hybrid solution.
The configuration, control and energy export characteristics of Kennedy will demonstrate many of the findings and recommendations of the Independent Electricity Market Review, recently completed by Professor Finkel, including but not limited to:
- Dispatchable renewable energy capacity
- Distributed generation
- Improved reliability and security of the network
- Ability to provide fast frequency response and synthetic inertia
Windlab identified the location in 2013 and along with its Joint Venture partner, Eurus Energy Holdings Corporation, received all necessary development approvals earlier this year. With Windlab’s equity capital secured, project financing arrangements are now able to be finalised and the project is expected to reach financial close and enter construction over the coming few months. Phase one of Kennedy Energy Park is expected to commence operations in late 2018.