Cubico Sustainable Investments has reached financial close for the Wambo wind farm project, which comprises the 252MW Stage I and 254MW Stage II wind farms in Queensland, Australia.

The financial close has secured two separate five-year project finance facilities totalling A$650m ($412m).

A consortium of banks providing these facilities includes ANZ, Crédit Agricole, ING, NAB and Westpac.

ANZ is also providing bank guarantee facilities, with NAB taking on multiple roles as the agent, security trustee and account bank.

Located near Jandowae in Queensland's Western Downs region, Wambo is Cubico’s inaugural operational project in the country and a joint venture with the Stanwell Corporation, which will also purchase Cubico’s 50% share of the energy generated.

The partnership is part of Queensland's target of sourcing 80% of its electricity from renewable sources by 2035.

The first stage of the Wambo wind farm is expected to begin operations in 2025, with the second stage following in 2026.

The latter will introduce 41 additional turbines - the tallest onshore turbines in Australia.

Cubico's Australian portfolio includes a 2.5GW pipeline of wind, solar and battery storage projects, complemented by 3GW of early-stage greenfield developments.

The construction of the wind farm will create 200 construction jobs and several permanent positions.

Cubico Australia country head David Smith stated: “This is a significant milestone for the Wambo wind farm, demonstrating the continued progress of the project as we move towards first power.

“Once completed, Wambo will play an important role in enabling Queensland to meet its clean energy generation targets while delivering lasting benefits through job creation, economic growth and our community benefit funds, which have already supported important initiatives in the region.”