SYDNEY & NEW YORK--(BUSINESS WIRE)--CBD Energy Limited (NASDAQ: CBDE; previously OTCBB: CBDNF), a diversified renewable energy company, has been engaged as the Owner’s Project Manager for the 107MW Taralga Wind Farm in New South Wales, Australia. In addition, as the project enters the operational phase, CBD has been designated as the Owner’s Facility Manager. CBD Energy Limited is a diversified clean energy company and leading provider of solar installations worldwide.
Taralga Wind Farm is located in South Western New South Wales, the most populated region in Australia. It utilizes proven Vestas Wind Technology turbines with an estimated construction cost of approximately A$280M. Banco Santander, one of Europe’s largest banks, has partnered with CBD on the project and has acquired 90% of the equity. CBD retains a 10% equity holding. The project is under construction with plans progressing towards the final commissioning program and the operations plan.
“Construction of a project of this size is not without its challenges. CBD’s project team has met and solved each challenge along the way. The next major project is already on the drawing board, with due diligence progressing. There is a concerted expectation that the Australian government will modify its energy program consistent with its goal to be a leader in emissions reduction in the Asia Pacific region,” said Gerry McGowan, CBD Executive Chairman and Managing Director.
When completed in late 2014, Taralga Wind Farm will generate approximately 300 GW hours of renewable energy annually, which is the equivalent of the annual energy needs of 40,000 homes.
Major milestones include:
- Debt financing completed in June 2013.
- EPC (Engineering, Procurement and Construction) contracts for turbine supply and balance of plant executed in June 2013.
- PPA (Power Purchase Agreement) consummated with Energy Australia, one of the three top power retailers in Australia.
- Completion of connection works associated with the network service provider Marulan Sub Station is slated for the third quarter of 2014.
- 132kV transmission connection from the wind farm to the network service provider’s substation is nearing completion.
- Wind turbine equipment, comprising nacelles, hubs and blades, have arrived at Australian ports; transport to the site is scheduled for June 2014.
- Manufacture of towers is 75% complete.
- Related civil engineering projects for roads, turbine pads and site preparation infrastructure is underway.
- Wind farm substation works have been moved closer to site in preparation for integration into the completed substation pad.
- Grid connection and generator registration have commenced in preparation for the ‘power-on’ date targeted for the third quarter of 2014.
About CBD Energy Limited
Established in 1989, CBD Energy Limited, or CBD, is a diversified renewable energy company and a global leader in solar installations. Powered by a management team with deep experience in the energy sector and strong engineering capabilities, CBD is focused on the integration of residential solar, commercial and industrial solar, small utility scale solar and wind projects, in three principal markets - Australia, the U.S. and UK.
Headquartered in Sydney, with principal regional offices in London and New York, CBD has completed projects across four continents, in countries as far-reaching as Australia, Fiji, Germany, Italy, New Zealand, the UK and the U.S. CBD has installed more than 17,000 residential systems and developed large renewable energy projects such as the 107MW wind farm in Taralga, NSW. CBD markets its residential and commercial solar installations under the name Westinghouse Solar, using the WESTINGHOUSE® trademark pursuant to an exclusive, long-term worldwide license. For further information on CBD Energy Limited and Westinghouse Solar, please visit:
Caution Concerning Forward-Looking Statements
This news release contains ‘forward-looking statements. Such forward-looking statements can be identified by, amongst other things, the use of forward-looking language, such as the words ‘plan’, ‘believe’, ‘expect’, ‘anticipate’, ‘intend’, ‘estimate’, ‘project’, ‘may’, ‘would’, ‘could’, ‘should’, ‘seeks’, or ‘scheduled to’, or other similar words, or the negative of these terms, or other variations of these terms or comparable language, or by discussion of strategy or intentions.
The forward-looking statements in this release include statements regarding the construction cost, target completion for connection works, targeted ‘power on’ date, and regarding Australia’s energy program, among others. Such forward-looking statements are subject to various risks, as well as those set forth in the Corporation’s most recent Form F-1, as filed with the U.S. Securities and Exchange Commission (SEC), and involve assumptions, estimates, and uncertainties that reflect current internal projections, expectations or beliefs. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. All forward looking statements contained in this news release are qualified in their entirety by these cautionary statements and the risk factors described above. Furthermore, all such statements are made as of the date of this release, and CBD Energy Limited assumes no obligation to update or revise these statements unless otherwise required by law.
