Windlab Limited (ASX: WND) today announced that it has executed a binding term sheet with Flow Power for the sale of 50MWs of electricity output and associated Large Scale Generation Certificates from its proposed 104MW Lakeland Wind Farm project, for a period of up to 10 years.

Lakeland Wind Farm is a fully approved wind farm located 60 km South-west of Cooktown on the Cape York Peninsula, adjacent to the town of Lakeland.

CEO of Windlab Limited, Roger Price, said: “The signing of this term sheet with Flow Power is another important step in bringing Lakeland Wind Farm to financial close and construction. With the development approvals and a grid connection agreement already in hand, execution of this term sheet will allow us to work towards finalisation of the debt and equity arrangement for the project.”

Execution of any resultant Power Purchase Agreement (PPA) is subject to the execution of definitive documentation by all parties and the project reaching financial close before 31 October, 2018.