Kondinin Wind Farm reaches financial close as 130MW Stage 1 moves into construction

30 September 2026 – Foresight, the leading global infrastructure and real assets investment manager, is pleased to announce that Kondinin Wind Farm (“Kondinin”) has reached financial close on the 130MW first stage of the project in Western Australia’s Wheatbelt, securing A$430 million in debt financing and enabling construction to commence.

With financing now secured, Foresight is ready to commence construction of Stage 1, marking the project’s transition from development into delivery.

The financing has been provided by Australia and New Zealand Banking Group, Commonwealth Bank of Australia, Deutsche Bank, HSBC and Westpac, with Foresight investing through its Australian Renewables Income Fund (ARIF).

Financial close follows a series of major commercial and government milestones for Kondinin:

• Foresight has acquired Shell Energy’s 50% interest in Kondinin Energy Pty Ltd, taking full ownership of the broader 370MW Kondinin Energy Project through ARIF.
• A 7-year Power Purchase Agreement with Synergy for 100% of the renewable energy generated by Stage 1.
• A 15-year Australian Government Capacity Investment Scheme Agreement, providing long-term revenue support for the project.
• Designation by the Western Australian Government as a Priority Project under the State Development Act.

Foresight acquires full ownership of Kondinin

Foresight has acquired Shell Energy’s 50% interest in Kondinin Energy Pty Ltd, giving Foresight full ownership of the broader 370MW Kondinin Energy Project.

Foresight and Shell Energy have worked together to progress Kondinin through development and a number of key commercial milestones, including the Synergy PPA and selection under the Capacity Investment Scheme.

Moving into construction

Foresight’s Australian infrastructure team will now lead Kondinin through construction and into operations, drawing on the Group’s in-house development, construction and asset management capabilities.

Foresight will work with Vestas to deliver Stage 1, comprising 21 Vestas V162-6.2 MW turbines.

Long-term revenue support

Stage 1 is underpinned by two significant long-term revenue arrangements.

In March, Synergy entered into a 7-year PPA to purchase 100% of the renewable energy generated by Stage 1, establishing a long-term contracted revenue profile for the project. The agreement was part of a series of PPAs announced by the Cook Government to support new wind generation in regional Western Australia.

Kondinin was subsequently selected as one of seven successful generation projects under Tender 5 of the Australian Government’s Capacity Investment Scheme, the first generation-focused CIS tender for the Western Australian Wholesale Electricity Market. The 130MW Kondinin project was among the successful projects announced on 2 May 2026 to receive a 15-year revenue support contract.

WA Priority Project

Kondinin Wind Farm has also been designated by the Western Australian Government as a Priority Project under the State Development Act 2025, recognising its strategic and economic significance to the State.

Priority Project designation provides coordinated government support through the Office of the Coordinator General to assist the timely delivery of significant projects and associated approvals. Kondinin was one of the first four wind farms in the Wheatbelt and Mid-West to receive the designation.

The WA Government has said the designated wind projects will support the State’s energy transition while providing greater investment certainty and supporting regional jobs and economic activity.

Daniel Beaver, Portfolio Manager of the Foresight, Australian Renewables Income Fund, said:

“Reaching financial close takes Kondinin from development into delivery and reflects a significant amount of work 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.

“Foresight has also taken full ownership of Kondinin at an important point in its development. We thank Shell Energy for its contribution to progressing the project and for its partnership over the past four years.

“Our focus now turns to delivering Stage 1 and progressing the subsequent stages of the broader Kondinin Energy Project.”

Community engagement related to the Project has included early discussions with local businesses on potential business and supply opportunities following financial close, engagement with Traditional Owners, and establishment of a community benefit fund, providing A$150,000 a year (CPI indexed) for local projects over the next 25+ years from the start of construction.

Daniel Beaver added:

“Kondinin is a long-term investment in the region as well as in Western Australia’s energy system. The support and engagement we have received from landholders, the Shire and the local community has been important in getting the project to this point.”

Stage 1 is expected to support 145 direct jobs during construction and begin supplying renewable electricity into the South West Interconnected System from late 2028.

Once operational, the 130MW wind farm is expected to generate enough electricity to power up to 70,000 Western Australian homes.

Stage 1 forms part of the broader 370MW Kondinin Energy development, providing the potential for further stages to be developed over time.

Foresight was advised by Azure Capital (debt advisor), HSFK (legal), DNV (technical), and Deloitte (tax). Allens acted as lenders counsel.