CEFC finances company commercialising an Australian renewable energy innovation

The Clean Energy Finance Corporation is providing $8 million finance to an Australian wind energy development company called Windlab. The company is commercialising atmospheric modelling and wind prospecting and assessment technology originally developed at CSIRO.

Established in 2003 as a spin-out from the CSIRO, Windlab Limited is a Canberra-based global wind energy development company. It has completed the development of more than 550 MW of wind energy projects and currently has a development portfolio in excess of more than 50 projects totalling some 7000 MW of potential capacity, including 10 projects in Australia. Windlab now operates in seven countries, including Australia, Canada, the United States and across Southern Africa.

“Windlab is a great example of an Australian company that is successfully commercialising Australian innovation, both locally and in export markets,” CEFC CEO Oliver Yates said.

“This CEFC finance will help Windlab continue its expansion from project development to investment and asset management, an important part of its growth plans. As a result of the CEFC’s $8 million commitment, Windlab will have additional access to working capital as it seeks to expand its business.”

Windlab was established to commercialise world-leading atmospheric modelling and wind energy assessment technology developed by the CSIRO. Windlab owns and exclusively uses this suite of industry best practice wind energy prospecting and assessment tools to identify and efficiently develop high-quality wind farm sites in its chosen markets, with considerably greater certainty and less risk.

The company is also involved in developing solar and wind hybrid projects using utility-scale battery storage.

“We are delighted to receive the support of the CEFC,” Windlab CEO Roger Price said.

“While market conditions over the past three years have been difficult, Windlab has continued to grow. The timing of this funding is ideal. We will be able to leverage the additional working capital to accelerate our growth to meet the increased demand generated by more favourable market conditions.

“Windlab looks forward to its project contributing significantly to Australia’s clean energy targets to 2020 and beyond.”

Yates said innovative companies often face financing hurdles as they seek to continue their growth after initial market success.

“With Windlab we are seeing an Australian company exploiting Australian technology to efficiently deliver high-quality wind energy sites in Australia and as far away as Tanzania serviced from its headquarters in Canberra,” Yates said.

“Windlab’s success to date is reflected in the breadth of its corporate activities, which now include wind and solar farm project development, asset management and equity investment.

“Through our experience in the renewables sector, the CEFC has been able to bring together the appropriate finance structure to actively support Windlab in securing the next phase in its business strategy. This is a great example of an Australian business using locally developed innovation to drive business success in the growing renewable energy market.”