NAB has achieved a significant milestone in its support for the renewable energy sector, marking its 200th transaction with Squadron Energy’s Uungula Wind Farm project.
The achievement underscored the bank’s commitment to financing renewable energy projects, with a total of $16.8 billion committed globally since 2003 and $1.9 billion already earmarked for the sector in the first half of FY2024 alone.
David Gall (pictured above), NAB group executive of corporate and institutional banking, highlighted the bank’s substantial growth in renewable energy financing, emphasising the increase in project scale as a key driver.
“In the 2023 financial year, NAB lent more than $2.2bn to global renewable energy projects and has almost matched this figure in the first half of FY2024 alone,” Gall said.
The Uungula Wind Farm, with its 69 turbines and 414MW capacity, exemplifies the sector’s expansion, showcasing a project more than six times larger than the first Australian wind farm NAB financed in 2005.
The scale of projects like Uungula is crucial for Australia to meet its ambitious 2030 renewable energy target of 82%.
Ed Mounsey, Squadron Energy executive GM of development, pointed out the significant impact of such projects.
“Our 14GW pipeline of renewable projects will meet around one third of Australia’s national target, powering the equivalent of 6 million homes,” Mounsey said.
Moreover, the Uungula Wind Farm is expected to create over 260 jobs in regional NSW and contribute approximately $41 million to the local economy.
Beyond renewable energy funding, NAB has surpassed its goal to provide $70bn in environmental financing three years ahead of schedule, aiming to support the transition to a low-carbon economy.
“We know a substantial amount of capital investment will be needed in a relatively short period of time for businesses to meet their decarbonisation objectives,” Gall said, highlighting NAB’s role in partnering with clients to offer financing and investment solutions for sustainable transitions.
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