Foresight, the global infrastructure and real assets investment manager, announced on 30 September 2026 that the Kondinin Wind Farm has reached financial close on the 130 MW first stage of the project in Western Australia's Wheatbelt, securing USD 299.71 million in debt financing and enabling construction to commence. With financing now secured, Foresight is ready to begin construction of Stage 1, marking the project's transition from development into delivery.

The debt financing was provided by Australia and New Zealand Banking Group, Commonwealth Bank of Australia, Deutsche Bank, HSBC and Westpac. Foresight is investing through its Australian Renewables Income Fund (ARIF).

Foresight takes full ownership of the 370 MW project

As part of the announcement, Foresight confirmed it has acquired Shell Energy's 50% interest in Kondinin Energy Pty Ltd, giving Foresight full ownership of the broader 370 MW Kondinin Energy Project.

Foresight and Shell Energy worked together to progress Kondinin through development and a number of key commercial milestones, including the Synergy power purchase agreement and selection under the Capacity Investment Scheme.

Daniel Beaver, Portfolio Manager of Foresight's Australian Renewables Income Fund, thanked Shell Energy for its contribution to progressing the project and its partnership over the past four years.

Long-term revenue support underpinned by Synergy PPA and the Federal CIS contract

Stage 1 is supported by two significant long-term revenue arrangements. In March, Synergy entered into a 7-year power purchase agreement to purchase 100% of the renewable energy generated by Stage 1, establishing a long-term contracted revenue profile. The agreement was part of a series of PPAs announced by the Cook Government to support new wind generation in regional Western Australia.

Kondinin was subsequently selected as one of seven successful generation projects under Tender 5 of the Australian Government's Capacity Investment Scheme, the first generation-focused CIS tender for the Western Australian Wholesale Electricity Market. The 130MW project was among the successful projects announced on 2 May 2026 to receive a 15-year revenue support contract.

Priority Project designation from the WA Government

Kondinin Wind Farm has been designated by the Western Australian Government as a Priority Project under the State Development Act 2025, recognising its strategic and economic significance to the State.

The designation provides coordinated government support through the Office of the Coordinator General to assist the timely delivery of significant projects and associated approvals. Kondinin was one of the first four wind farms in the Wheatbelt and Mid-West to receive the designation.

According to the WA Government, the designated wind projects will support the State's energy transition while providing greater investment certainty and supporting regional jobs and economic activity.

Construction and delivery timeline

Foresight's Australian infrastructure team will lead Kondinin through construction and into operations, drawing on the Group's in-house development, construction, and asset management capabilities. Foresight will work with Vestas to deliver Stage 1, which will comprise 21 Vestas V162-6.2 MW turbines.

Stage 1 is expected to support 145 direct jobs during construction and to begin supplying renewable electricity into the South West Interconnected System from late 2028. Once operational, the 130 MW wind farm is expected to generate enough electricity to power up to 70,000 Western Australian homes.

Stage 1 forms part of the broader 370MW Kondinin Energy development, providing the potential for further stages to be developed over time.

Community engagement and local benefits

Community engagement related to the project has included early discussions with local businesses on potential business and supply opportunities following financial close, engagement with Traditional Owners, and the establishment of a community benefit fund. The fund will provide USD 104,550 a year, CPI-indexed, for local projects over the next 25-plus years from the start of construction.

Beaver described Kondinin as a long-term investment in the region as well as in Western Australia's energy system, noting that the support and engagement received from landholders, the Shire, and the local community had been important in getting the project to this point.

Advisers to the transaction

Foresight was advised by Azure Capital as debt advisor, HSFK as legal adviser, DNV as technical adviser and Deloitte on tax. Allens acted as lenders counsel.

With financing secured, long-term revenue support through the Synergy PPA and Capacity Investment Scheme, and the backing of the Western Australian Government through the Priority Project designation, Foresight said its focus now turns to delivering Stage 1 and progressing the subsequent stages of the broader Kondinin Energy Project.

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