DomaCom Limited's (ASX:DCL) crowdfunding of Sapphire Wind Farm in the New England region of NSW is Australia’s first large-scale public community investment into a utility-scale wind farm.
Sapphire Wind Farm Community Co-investment was opened for participation firstly to residents in the Federal Division of New England.
The community investment component represented just under $1.8 million and nearly 100 investors.
Sapphire has a capacity of 270MW, making it the largest wind farm in NSW, and is capable of powering 115,000 homes and displacing 700,000 tonnes of carbon dioxide per year.
The wind farm is owned and operated by Grassroots Renewable Energy, a joint venture between CWP Renewables and Partners Group.
DomaCom chief executive officer Arthur Naoumidis said: “The Sapphire project is further evidence of DomaCom’s capacity to syndicate a variety of investment opportunities across a range of asset types and further demonstrates the ability of communities to come together to fund projects that they care about.
“Sapphire investors will receive a yield of 6% per annum paid quarterly for 9-and-a-half years on a minimum investment of $1,250.
“We are delighted that CWP Renewables and Partners Group decided to partner with DomaCom for this outstanding project we look forward to bringing other similar projects to investors and communities in the future.”
There have been 75 wind turbines at Sapphire, or around two-thirds of the power generation, pre-sold in offtake agreements.
CWP Renewables CEO Andrew Dickson said: “This was the first time we’ve undertaken an initiative of this nature and scale, but it won’t be the last – DomaCom has been a great partner.”
DomaCom has been developing a strong pipeline of property investment acquisitions and projects across residential, commercial and rural sectors that will help it continue strong growth in FUM over the coming months.
CWP is a leading renewable energy developer, owner and asset manager with full project life-cycle expertise.
The CWP team holds a wealth of experience in the renewable energy sector, accumulated through the successful delivery of projects in Europe and Australia.