An $8 million CEFC loan announced in April 2016 is providing Canberra-based wind energy development company Windlab with access to working capital as it seeks to expand its business from project development to include project investment and asset management. Established in 2003 as a spin-out from the CSIRO, Windlab is commercialising the CSIRO’s world-leading atmospheric modelling and wind energy assessment technology.
Windlab owns and exclusively uses this suite of industry best practice wind energy prospecting and assessment tools to identify and efficiently develop high-quality wind farm sites in its chosen markets, with considerably greater certainty and less risk. The company is also involved in developing solar and wind hybrid projects using state-of the-art utility-scale battery storage.
Windlab’s Australian projects include the Collgar Wind Farm in WA, the Coonooer Bridge, Kiata and Oaklands Hill wind farms in Victoria, and the Kennedy Energy Park in Queensland.
Looking to the future
Windlab has a development portfolio of more than 50 projects totalling some 7,000MW of potential capacity. It operates in seven countries, including Australia, Canada, the United States and across Southern Africa.
Innovative companies often face financing hurdles as they seek to continue their growth after initial market success. The CEFC has been able to bring together a finance structure that is actively supporting Windlab in moving to the next phase of its business strategy.
While market conditions over the past three years have been difficult, Windlab has continued to grow. The timing of this funding is ideal. We will be able to leverage the additional working capital to accelerate our growth to meet the increased demand generated by more favourable market conditions.Windlab CEO