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Windlab starts construction of utility scale wind, solar and storage hybrid generator

Construction starts on wind, solar and storage hybrid generator in Queensland.
Picture of wind farm
Integrated wind farm and solar panels creates reliable source of renewable energy

Windlab Ltd (ASX:WND) has started construction of a utility scale wind, solar and storage hybrid generator connected to the national electricity network in north Queensland.

The project is known as the Kennedy Energy Park, an innovative 43.2MW (megawatt) wind, 15 MW solar and 2 MW lithium-ion battery storage hybrid project.

The site was identified and developed by Windlab.

It is now owned by Kennedy Energy Park Holding, a 50/50 joint venture between Windlab and Eurus Energy Holdings Corporation of Japan.

20 year asset management contracts provides recurring revenues

The project will use twelve turbines and 56,000 solar panels on a single axis tracking mount.

Windlab will act as the owners’ representative during construction and will remain the operator of the project under a 20-year asset management contract.

The project is expected to take circa 12 months to construct and is scheduled to be operational before the end of 2018.

Management has a strong track record in terms of bringing projects into production on schedule and within budget.

Read: Windlab starts generating electricity from wind farm in Victoria

Most recently, Windlab completed the 31 MW Kiata Wind Farm located in western Victoria ahead of the December commissioning date.

The company has now completed nine projects delivering a total of 1093 MW and estimates its total development pipeline at 50 projects generating in excess of 7000 MW.

In fiscal 2017 Windlab had capacity of 350 MW under management, generating revenues of $23.2 million and underlying earnings of $14.7 million.

As an integrated developer, owner and manager of wind farms, the company offers investors a degree of earnings predictability through recurring annuity revenues.

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