Bloomberg News

Woolnorth, Bluff Point Hire NAB for A$180 Million Wind Farm Loan

December 28, 2011

Dec. 23 (Bloomberg) -- Woolnorth Studland Bay Wind Farm Pty. and Bluff Point Wind Farm Pty. hired National Australia Bank Ltd. to help organize a A$180 million ($183 million) term loan, according to an e-mailed statement from the bank today.

Proceeds will be used to refinance two existing term facilities and National Australia Bank has begun marketing the loan to other banks, according to the statement.

The two wind farms are owned by Hydro-Electric Corp., also known as Hydro Tasmania, which is a renewable energy company owned by the government of Tasmania, a southern Australian state. Hydro will partner with Guohua Energy Investment Co. in the ownership, management and operation of the wind farms, according to a statement on Hydro’s website dated yesterday.

Guohua Energy will pay A$88.6 million to take a 75 percent equity stake in the wind farms in Tasmania’s north-west and the transaction will return A$30 million in tax to the state, according to the release.

The A$180 million loan will mature in five years, according to NAB’s statement.

--Editor: Shelley Smith

To contact the reporter on this story: Katrina Nicholas in Singapore at knicholas2@bloomberg.net

To contact the editor responsible for this story: Shelley Smith at ssmith118@bloomberg.net


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