The financial close secures two separate five year project finance facilities totalling approximately AUS$650 million, provided by a consortium of leading banks including ANZ, Crédit Agricole, ING, NAB, and Westpac. ANZ is also providing bank guarantee facilities, with NAB acting as the Agent, Security Trustee, and Account Bank.
Located near Jandowae in Queensland’s Western Downs region, the Wambo Wind Farm is being developed in a 50:50 joint venture with Stanwell Corporation, which will also serve as the offtaker for Cubico’s 50% share of the energy generated. Together, the two stages will provide over 500 MW of renewable energy, enough to power more than 200 000 homes annually and support Queensland’s target of sourcing 80% of its electricity from renewable energy by 2035.
Stage I of the Wambo wind farm is set to commence operations in 2025, followed by Stage II in 2026, which will introduce an additional 41 turbines — featuring the tallest onshore turbines in Australia. Together, these milestones will establish Wambo as Cubico’s first operational project in Australia, representing a major step forward for the company’s growth in the market.
Cubico currently manages an Australian portfolio featuring a 2.5 GW pipeline of wind, solar, and battery storage projects, along with over 3 GW of early-stage greenfield developments. The construction of the Wambo Wind Farm reinforces the company’s commitment to advancing Queensland’s energy transition while supporting the state’s green jobs initiative, with the project expected to create up to 200 construction jobs and several permanent roles once operational.
David Smith, Cubico’s Country Head for Australia, commented: “This is a significant milestone for the Wambo wind farm, demonstrating the continued progress of the project as we move towards first power. Once completed, Wambo will play an important role in enabling Queensland to meet its clean energy generation targets while delivering lasting benefits through job creation, economic growth, and our Community Benefit Funds, which have already supported important initiatives in the region.”
Matt Donaldson, Cubico’s Chief Financial Officer, added: “Securing two project financings simultaneously during construction is a major achievement and reflects the strength of Cubico’s relationships with our banking partners. 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.”
Cubico was advised by White & Case (borrower’s counsel), with King & Wood Mallesons acting for the lenders. Legal due diligence was conducted by Ashurst, with DNV (technical), Aurora (market), WTW (insurance), and EY (tax and financial model audit) providing additional advisory services.
