Cubico finalises financing for 500MW Wambo Wind Farm in Queensland

Cubico Sustainable Investments, a global leader in the renewable energy project space, has announced financial close for its landmark Wambo Wind Farm renewable energy project in Queensland, Australia. This milestone involves two stages—Wambo Stage I (252 MW) and Wambo Stage II (254 MW)—which together will deliver over 500 MW of clean energy generation, significantly boosting Queensland’s renewable energy capabilities.

Financial Milestone with Major Backing

The company has secured AUD 650 million in project financing, divided into two five-year facilities, from a consortium of banks including ANZ, Crédit Agricole, ING, NAB, and Westpac. ANZ is also providing bank guarantee facilities, while NAB is acting as the Agent, Security Trustee, and Account Bank. The ability to secure financing for both stages concurrently reflects the strength of Cubico’s portfolio and reinforces confidence in its ability to execute large-scale renewable energy projects.

Regional Collaboration and Impact

The Wambo Wind Farm, located near Jandowae in Queensland’s Western Downs region, is a 50:50 joint venture with Stanwell Corporation, a key partner in advancing the state’s renewable energy targets. Stanwell will also act as the offtaker for 50% of the energy produced. Together, the wind farm’s two stages will generate power for over 200,000 homes annually, representing a significant contribution to Queensland’s goal of sourcing 80% of electricity from clean energy generation by 2035.

Project Timeline and Technological Features

Stage I of the Wambo Wind Farm is expected to commence operations in 2025, followed by Stage II in 2026. The second stage will add 41 additional turbines, featuring the tallest onshore turbines in Australia, each designed for optimal efficiency and output. Once fully operational, the farm will represent a flagship addition to Cubico’s portfolio, setting a new standard for renewable energy capacity in the region.

Economic and Environmental Contributions

The construction of the Wambo Wind Farm renewable energy project is expected to create up to 200 construction phase jobs, alongside long-term operational roles. This aligns with Queensland’s green jobs initiative, which aims to boost employment in sustainable sectors. Furthermore, the farm will significantly enhance the state’s renewable energy capacity, positioning it as a leader in Australia’s energy transition goals while reducing dependence on fossil fuels.

Strategic Vision and Leadership

David Smith, Cubico’s Country Head for Australia, highlighted the achievement as a testament to the company’s commitment to advancing Queensland renewable energy. He noted the project’s role in creating lasting economic and environmental benefits, from local job creation to significant contributions to the state’s ambitious renewable energy targets. Smith also praised the project’s Community Benefit Funds, which have already supported various initiatives across the Western Downs region.

Meanwhile, Matt Donaldson, Cubico’s Chief Financial Officer, underscored the importance of securing dual financings during the construction phase, describing it as a reflection of Cubico’s robust relationships with financial institutions. He expressed gratitude to the consortium of banks, emphasizing their role in enabling the delivery of such a significant renewable energy project.

Expert Advisory and Support

The financial close was underpinned by a comprehensive advisory framework. White & Case acted as borrower’s counsel, with King & Wood Mallesons representing the lenders. Legal, technical, market, and financial due diligence were conducted by experts from Ashurst, DNV, Aurora, WTW, and EY, ensuring the project met stringent regulatory and financial standards. This collaborative effort underscores the meticulous planning required to execute a project of this scale and complexity.

Cubico’s Renewable Vision

The Wambo Wind Farm represents a cornerstone in Cubico’s growing Australian portfolio, which spans 2.5 GW of renewable energy capacity across wind, solar, and battery storage projects. With an additional 3 GW of early-stage developments in the pipeline, Cubico is strategically positioned to drive Queensland’s energy transition goals. The success of the Wambo Wind Farm renewable energy project will cement its role as a leader in advancing clean energy generation across the region and beyond.