Windlab Limited (Windlab) (ASX Code: WND) advises that it has become entitled to receive a milestone success payment of just over $10 million in respect of the Coopers Gap Wind Farm in South East Queensland operated by AGL Energy Limited (AGL) and the Powering Australian Renewables Fund (PARF).
The 453 MW Coopers Gap Wind Farm in South East Queensland which is Australia’s largest wind energy project was identified and initially developed by Windlab using its industry leading wind energy prediction and assessment technology, WindScape™. Windlab Limited (Windlab) congratulates AGL Energy Limited (AGL) and the Powering Australian Renewables Fund (PARF) on reaching financial close which is a significant milestone for the project partners.
Windlab’s WindScape Institute originally identified Coopers Gap in 2005 from its headquarters in Canberra. Identified from its hi-resolution WindScape generated wind map it was clear from the beginning that it was a highly competitive and large-scale wind resource. Of particular interest was its location. Located in Queensland it is one of very few high-quality wind resources in close proximity to the electricity network in that State. Windlab completed a series of virtual wind farm designs (VWF) before securing land tenure over the project. The original VWF concept design is shown in Figure 1.
Windlab undertook many of the early stage development activities for the project before the project was acquired by AGL in 2010. Since that time Windlab has continued to play a role, supporting AGL in the completion of the project by providing wind monitoring, analysis and assessment services.
“We are delighted to see Coopers Gap reach financial close. Whilst continued market uncertainty has resulted in the project taking longer to complete than initially expected, it will now play a critical role in reducing electricity prices in Queensland.” Stated Roger Price, Chairman and Chief Executive Officer, Windlab Limited. He continued “Market competitive wind resources, close to the transmission network are rare in Queensland yet critically important to balance the surge in solar generation expected to occur over the next decade. At nearly half a gigawatt, Coopers Gap along with projects like Windlab’s Kennedy Energy Park will make a vital contribution to delivering a low cost, reliable and clean electricity network for Queensland.”
Under the terms of the original sale and implementation agreement for Coopers Gap Windlab will receive a final milestone success payment for the project of a little over $10million.