The commitment by the federal government’s “green bank” meant the $280 million Granville Harbour Wind Farm had the funding it needed to proceed
Proponent Palisade Investment Partners said construction would now start, with commercial operations scheduled for late 2019.
Palisade acquired previous proponent Westcoast Wind in February.
The CEFC said the 112 megawatt project on a 1200 hectare cattle farm was expected to generate enough electricity to power more than 46,000 homes.
“This is the CEFC’s largest investment in Tasmania, and our first in a Tasmanian wind project,” CEFC chief executive Ian Learmonth said.
“Tasmania has a great track record in renewable energy through its investment in hydro resources.
“We’re excited to be involved in a project that will further diversify Tasmania’s clean energy to include more wind, while helping Tasmania achieve its target of 100 per cent renewable energy by 2022.”
Treasurer Peter Gutwein said the project was expected to create about 200 jobs during construction and about 10 ongoing jobs in “a massive boost” for the West Coast.
CEFC wind sector lead Andrew Gardner said the Granville project was part of an increasing focus on greenfield wind energy projects in Tasmania.
He said that would lead to considerable investment in regional areas in coming years.
“This project will create regional employment opportunities both during and after construction,” Mr Gardner said.
“It will also deliver ongoing benefits through community investment funds and associated improvements in local infrastructure.”
The CEFC said Palisades had a long-term power purchase agreement with Hydro Tasmania, which was “exploring opportunities to become a net exporter of clean energy to the Australian mainland through its Battery of the Nation project”.
Palisades managing director and chief executive Roger Lloyd said: “We are delighted to have the CEFC commit to this project as one of Palisade’s key clients, which sends a positive signal to institutional investors about the potential of renewable energy investment.”
Mr Gutwein said: “Today’s announcement confirms Tasmania’s status as the nation’s renewable energy powerhouse.”
The Granville development and other planned wind projects are expected to help firm the case for a second, Basslink-type power interconnector with the mainland.
