Foresight closes in on 370MW Kondinin energy project

Foresight has secured a $430 million in debt financing for the first stage of Western Australia's 370MW Kondinin Energy Project, allowing construction of the 130MW Kondinin Wind Farm to commence.

The financial close marks the projects move from development construction, with Foresight also acquiring Shell Energy's 50% interest in Kondinin Energy to take full ownership of broader project through its Australian Renewables Income Fund.

The financing was providing ANZ, Commonwealth Bank of Australia, Deutsche Bank, HSBC and Westpac.

Stage 1 is supported by a seven-year power purchase agreement with Synergy covering all renewable electricity generated by the project, alongside a 15-year revenue support agreement under the Australian Government Capacity Investment Scheme.

Foresight Australian renewables Income Fund portfolio manager Daniel Beaver said the financial close reflected significant progress across the project.

"With financing secured, long-term revenue support through the Synergy PPA and Capacity Investment Scheme, and the backing of the Western Australian Government through Kondinin's Priority Project designation, Stage 1 is now ready to move into construction," Beaver said.

Construction will be led by Foresight's Australian infrastructure team, with Vestas contracted to deliver 21 Vestas V162-6.2 MW turbines.

The project has also been designated a Priority Project under the Western Australian government's State Development Act 2025, providing coordinated government support for approvals and delivery.

Construction of Stage 1 is expected to support 145 direct jobs, with renewable electricity generation scheduled to begin from late 2028.

Once operational, the wind farm is expected to generate enough electricity to supply 70,000 Western Australian homes.

The project also includes a community benefit fund, providing a $150,000 annually, indexed to inflation, for local projects for more than 25 years from the start of construction.

"Kondinin is a long-term investment in the region as well as in Western Australia's energy system," Beaver said.

Foresight said it would mow focus on delivering Stage 1 while progressing potential subsequent stages of the broader 370MW development.