A decision by the Marlborough Lines Limited Board not to approve the equity funding for the proposed Mt Cass Wind Farm has left the project having to explore future options.
Fifty per cent joint venture partner of the Mt Cass Wind Farm, Energy Marlborough Limited, has been unable to gain approval from its owner, Marlborough Lines Limited, to fund the project.
The project to build the South Island’s largest wind farm at Mt Cass near Waipara (north of Christchurch) is shovel-ready and was nearing financial close before this set back.
Mt Cass Wind Farm chief executive Todd Voice said the entire team are disappointed that the project had not been able to achieve financial close as anticipated.
“The wind farm would help meet the growing demand for renewable energy and support New Zealand to meet its decarbonisation goals. We have spent years working on the details and it was a surprise when our partner couldn’t gain the necessary approvals for this important investment”.
“The project would generate up to 94.6MW of electricity – enough to power 40,000 homes and save around 100,000 tonnes of greenhouse CO2 emissions each year,” says Voice.
Voice says the wind farm retains strong support from its other shareholder, MainPower, as well as from one of New Zealand’s most reputable debt funding partners.
Its key suppliers are also on board and have supported a review of options to find a suitable partner to progress the project.
The MCWF Board is now investigating options for the future of the project, including finding a new equity partner or owner.
“There’s a lot to work through over the next few months as we explore options to deliver the wind farm. We appreciate there’s a lot of community interest and we will provide an update on the project’s future as we know more,” says Voice.
ENDS
Please note due to commercial sensitivity Mt Cass Wind Farm is unable to provide further comment at this stage. We appreciate the public’s interest and remain committed to transparency as we navigate the next steps for the project.
