Yinson Renewables achieves financial close for landmark Mt Cass Wind Farm in New Zealand
Yinson Renewables, through its subsidiary Mt Cass Wind Farm Limited, has successfully achieved financial close for the 94.6 MW Mt Cass Wind Farm. The project commenced construction earlier this year and is expected to reach commercial operations in 2028.
The financing was led by MUFG Bank, Ltd., alongside HSBC and Bank of New Zealand, each acting as Mandated Lead Arranger and Bookrunner. MUFG also acted as Sole Structuring Coordinator, Facility Agent and Security Trustee, while HSBC acted as Account Bank. The approximately NZD290 million financing package includes senior construction and term loan facilities, debt service reserve facility and instrument facilities.
Financial close marks a significant milestone for Yinson Renewables and represents one of the largest wind project financings completed in New Zealand in recent years. The support of these leading financial institutions underscores the strength of the project and Yinson Renewables’ ability to develop, finance and operate renewable energy assets in its core markets.
The Mt Cass Wind Farm, located on New Zealand’s South Island, is an important part of New Zealand’s renewable energy transition and will provide sufficient clean electricity to power approximately 40,000 homes while contributing to the country’s long-term decarbonisation objectives.
Commenting on the successful financial close, Vegard Urnes, Chief Executive Officer of Yinson Renewables, said, “Mt Cass is a defining project for Yinson Renewables. As our first wind energy project and our first project in New Zealand to reach financial close, it expands our renewable energy platform and establishes a strong foundation for our continued growth in the market. This milestone is the culmination of years of focused development work, and we look forward to delivering a project that will contribute meaningfully to New Zealand’s energy transition.”