Windlab Limited announced that it has become entitled to receive a milestone success payment of just over $10 million related to the Coopers Gap Wind Farm in South East Queensland.
The announcement was made on the day the company listed on the Australian Stock Exchange, raising $50 million in its IPO.
The 453 MW Coopers Gap Wind Farm in South East Queensland, operated by AGL Energy Limited (AGL) and the Powering Australian Renewables Fund (PARF), is Australia’s largest wind energy project and was identified and initially developed by Windlab using its wind energy prediction and assessment technology, WindScape™.
Windlab’s WindScape Institute originally identified Coopers Gap in 2005 from its headquarters in Canberra using the high-resolution wind map generated by WindScape. The location is one of very few high-quality wind resources in close proximity to the electricity network in Queensland. Windlab completed a series of virtual wind farm designs before securing land tenure over the project.
The project was acquired by AGL in 2010, after Windlab had undertaken many of the early stage development activities. Since then Windlab has supported AGL in the completion of the project by providing wind monitoring, analysis and assessment services.