NAB backs Queensland renewable windfarm

NAB is the only Australian bank providing project finance for global renewable energy power producer Neoen to build a $370 million wind energy hub in Far North Queensland.

Others in a syndicate of five lenders include BNP Paribas, HSBC, MUFG and NORD/LB.

Located 80 km southwest of Cairns, the Kaban green power hub includes a 157 MW wind farm and a 320 km transmission line upgrade.

“We’re very fortunate in Australia to have an abundance of wind and solar resources,” says NAB group executive, corporate and institutional banking, David Gall. "It is expected this particular wind farm will generate enough electricity to power around 100,000 homes once completed in 2023.”

He says NAB supports the transition to a low carbon economy and the delivery of secure, reliable and affordable energy. “Over 70 per cent of our lending in energy is in renewables across over 140 projects. We have financed more renewable energy projects than any other Australian bank.”

NAB has now financed more than $11 billion across 145 transactions in the renewable energy segment since 2003.

NAB says it is committed to delivering $70 billion in environmental financing by 2025.

It is also working closely with 100 of its largest greenhouse gas emitting customers to support them in developing or improving their low carbon transition plans by 2023.

NAB is also the only Australian bank that has signed the United Nations Environment Programme Finance Initiative’s Collective Commitment to Climate Action, working towards aligning business operations and lending portfolios to achieve net-zero carbon emissions by 2050.

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