TagEnergy, an integrated renewable energy developer based in Lisbon, Portugal, has secured an A$850 million ( US$566.77 million ) non-recourse project financing for Stage 2 of the Golden Plains Wind Farm in Victoria.

Once completed, the wider Golden Plains Wind Farm will become the largest wind farm in the Southern Hemisphere, with a generating capacity of 1.3 gigawatts.

A global group of lenders, including Australia’s Clean Energy Finance Corporation, is financing the project, with Deutsche Bank as the initial financier, mandated lead arranger, and initial hedging provider. Also participating in the deal are Australia’s Commonwealth and Westpac banks, Denmark’s Export & Investment Fund, Japan’s Mizuho Bank, France’s Natixis Bank, and Bank of China.

The Golden Plains Wind Farm, both Stage 1 ( 756MW ) and Stage 2 ( 577MW ), will generate over 4,000 gigawatt-hours of green energy annually, enough to power more than 750,000 homes. It will contribute to reducing carbon emissions by 4.5 million tonnes annually, equivalent to 3% of Victoria's total greenhouse gas emissions.

Bree Bailey, director for energy, infrastructure and renewables at Deutsche Bank, says the project aligns with Australia's ambitious energy transition goals and facilitates the development of critical wind generation capacity.

“This transaction underscores our commitment to sustainable finance and highlights our ability to provide bespoke structured solutions in the renewable energy sector," Bailey adds.

The deal marks the bank’s 14th renewable energy asset financed in Australia to-date.