Cubico Sustainable Investments reached financial close on its two Wambo Stage I and Stage II wind farms that are located in Queensland, Australia. The two wind farms will provide 506 MW of power to help Queensland reach its renewable targets.

Project Details and Financing

The financial close will bring in A$ 650 million in project financing. The funding comes from a consortium of financial institutions. The consortium includes ANZ, Crédit Agricole, ING, NAB, and Westpac. ANZ will also provide bank guarantee facilities. NAB will be the Agent, Security Trustee, and Account Bank.

The financing has been organized into two separate five-year project finance facilities, one for each stage of the project. This investment willporting the development of renewable energy infrastructure in Queensland.

Also read: Redflow and Stanwell partner to boost Queensland’s energy transition with new battery technology 

Location and Joint Venture Partnership

The Wambo Wind farm is located in Western Downs region of Queensland nearby Jandowae. As per the company announcement, Cubico and Stanwell Corporation will form a 50:50 joint venture and develop the wind farm, while Stanwell Corporation shall also be an offtaker for Cubico’s 50% share electricity generated by the wind farm due to the cooperation between the two companies.

The established Cubico developed wind farm will generate more than 500 MW of renewable energy. It will annually power 200,000 houses through electricity produced by the wind farms. The project will help Queensland to achieve its aim of securing 80% of its electricity from renewable sources.

Operational Timeline

Stage I of the Wambo Wind Farm is set to commence operations in 2025, with Stage II following in 2026. Stage II will introduce 41 turbines, including the tallest onshore turbines in Australia. Together, these stages will make WamboCubico’s first operational project in Australia.

Supporting the Energy Transition and Employment Generation

The Wambo Wind Farm investment is a significant part of Queensland’s energy transformation. Along with creating up to 200 construction employment and more permanent positions after the plant is operational, the project will support the state’s green jobs drive.

In Australia, Cubico is well-known for overseeing a 2.5 GW pipeline of solar, wind, and battery storage projects. The corporation is helping Australia’s sustainable energy future and growing its presence there with this initiative.

CFO’s Statement on Project Financing

Matt Donaldson, Chief Financial Officer of Cubico, commented on the achievement, stating, “Securing two project financings simultaneously during construction is a major achievement and reflects the strength of Cubico’s relationships with our banking partners.”

He added, “We are grateful for the support of ANZ, Crédit Agricole, ING, NAB, and Westpac, which has been critical to the successful delivery of this important project.”

Advisory and Legal Support

White & Case (borrower’s counsel), who advised Cubico and King & Wood Mallesons, represented the lenders. Ashurst conducted legal due diligence, while DNV (technical), Aurora (market), WTW (insurance), and EY (tax and financial model audit) provided additional advisory services.

Haven Energy partners with Clean Power Alliance to expand green energy access and launch a virtual power plant. The partnership aims to install networked energy systems for 300 CPA customers and establish CPA’s first-ever Virtual Power Plant (VPP). Through California’s SGIP program, Haven offers free solar and battery systems to eligible homeowners, cutting bills and boosting energy reliability.

Vinnie Campo, Haven Energy’s founder and CEO said, “We’re thrilled to partner with Clean Power Alliance in their effort to increase access to reliable, clean energy. Community Choice Aggregators like CPA are uniquely positioned to lead the deployment of distributed energy resources.”

He added, “Providing zero-cost solar and battery systems to low-income communities through California’s SGIP Residential Solar & Storage Equity Program is a game-changer—it not only delivers clean energy and significant energy bill savings but also ensures these households are better protected against outages and rising energy costs.”

Also read: ADB Signs $24.3 Million Financing Deal for Solar Power Plant in Bangladesh

Establishing CPA’s First Virtual Power Plant

The partnership will establish CPA’s first virtual power plant, connecting energy devices to balance supply and demand in real time. This VPP will deliver 4.8 MWh of dispatchable power, helping reduce peak energy demand. In three years, it expects to save $380,000 in resource costs, boosting grid resilience and cutting expenses for CPA.

“We’re excited to partner with Clean Power Alliance to deploy over 3 MW of distributed storage assets, a critical step in advancing California’s clean energy goals,” said Jeff Chapin, Haven Energy’s co-founder and Chief Product Officer.

Also read: Meralco PowerGen Plans $2 Billion Investment for Coal Power Plants

Furthermore, Haven Energy speeds up deploying distributed systems, reducing peak demand, cutting costs, and delaying expensive infrastructure. Haven also focuses on renewable energy for underserved communities, ensuring everyone enjoys a more sustainable and inclusive energy future.