Energy infrastructure investment manager Copenhagen Infrastructure Partners (CIP) announced the acquisition of Gawara Baya, a hybrid onshore wind and battery energy storage project (BESS), from Australian renewable energy developer and operator Windlab.
The transaction was made through Copenhagen Infrastructure V (CI V), the fifth vintage of CIP’s flagship fund series, focused on investing in new energy transition projects in low-risk countries globally. CIP announced the final close of CI V last year, at over €12 billion.
Gawara Baya combines a 408 MW onshore wind farm with 104 MW of BESS, located in North Queensland. The project will include 68 wind turbines and will have the capacity to provide clean power to up to 240,000 homes, avoiding 1.2 million tons of carbon from the energy sector every year.
Alongside the acquisition, CIP announced a final investment decision for the project, and reached financial close, securing a A$1.7 billion facility through 10 banks. Construction on the project will now commence, with Gawara Baya expected to be fully operational in 2030.
The company said that the project has secured long-term energy offtake arrangements, including agreements with Queensland Government-owned energy company Stanwell and energy retailer and power purchaser SmartestEnergy, alongside participation in the Australian Government’s Capacity Investment Scheme, providing long-term revenue certainty as the project enters construction.
The company added that the project is expected to inject more than A$200 million into the regional Queensland economy through local employment, procurement, and supply chain participation, creating up to 500 direct and indirect jobs in regional Queensland.
Yi-Hua Lu, Partner at CIP, said:
“The Gawara Baya project represents a significant long-term investment in Queensland, supporting regional jobs, infrastructure development, and the reliable energy supply needed to underpin the state’s continued economic growth. We look forward to working alongside our project partners, the Gugu Badhun People, and local communities as the project now moves into construction.”
