A consortium of Vinci subsidiary Cobra IS, Acciona, and energy distributor Endeavour Energy has signed a commitment deed contract for a €6.15bn public-private partnership (PPP) project to erect a transmission network for renewable energy in New South Wales, Australia.
Acerez, as the consortium is called, will finance, design, build, operate, and maintain several 330kV and 500kV transmission lines, substations and connecting infrastructure to distribute electricity from 4.5GW worth of renewable energy plants in the state.
Cobra IS will be shareholder of the PPP’s special purpose vehicle and will be in charge of the works.
The deal extends to 35 years, and is a part of one of the first Renewable Energy Zones (REZ) planned in New South Wales.
It will supply electricity to 2.7 million people in the cities of Dubbo and Dunedoo in the Orana region.
Vinci said engineering works are scheduled to start in early 2024, while the electrical network is expected to be progressively operational from the third quarter of 2027.
The project will create 5,000 construction jobs, the company said.
Financial close on the deal is expected in the second half of 2024, following regulatory approvals.
