The Clean Energy Finance Corp (CEFC) will finance $180 million towards the $360 million Collector Wind Farm, bringing its investments to 2-gigawatts of wind energy.
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The federally-government backed "green bank" announced the finance on May 30. It takes the Corporation's investments to almost $1 billion in wind energy since it was established under the Gillard Government.
Collector wind farm will sell into the market at the wholesale market price, rather than lock in a power purchase agreement at a fixed rate.
Financing the project would unlock further wind opportunities and build confidence in their longer-term commercial potential, CEFC wind sector lead Andrew Gardner said.
"We are pleased to see CEFC finance continuing to fill a significant finance gap for developers, with our capital supporting accelerated project development before off-take contracts are locked in," Mr Gardner said.
The wind farm along the Cullerin range has 54 turbines and is expected to generate 528-gigawatt hours of energy annually.
Its construction began on May 27.
"Work started on the ground last week and for the initial six weeks will focus on upgrading Lerida Road South," a spokesperson from developer, RATCH Australia said.
"This will enable us to bring larger loads and turbine components on to the site. We don't expect turbine components to come onto the site until early next year."
Construction is expected to take up to two years.
The wind farm has the potential to power between 75,000 and 80,000 homes annually, according to RATCH Australia.
The developers will establish a community development fund worth $240,000 annually for 30 years.
In 2017-18, CEFC reported $2.3 billion in investments, 10 large-scale solar projects and four wind farms. In its five years, the CEFC has financed more than $6.6 billion of renewable energy projects and new technologies.
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