International investment bank Investec Bank (Australia) has established a project and infrastructure team in Adelaide.
Investec is building a $750 million gas-fired power station, Cherokee, to help meet South Australia’s peak-period electricity demand over the next five to 10 years.
Cherokee will be located at Tepko, near Mannum, with a connection point into the Tungkillo substation, which is a key node for the four major 275 kV lines servicing Adelaide.
The 1,000MW station will play a role in supporting the gradual retirement of South Australia’s ageing base-load coal-fired plants.
Mark Headland, the head of Investec’s Adelaide team, says Adelaide will be a leading centre for commercial opportunities in renewable and low-carbon power.
With construction due to start in 2012, the first stage of the project will create 250MW of generating capacity at an estimated cost of $200 million.
It is scheduled to come on line in 2014. On the completion of its final stage in 2021, Cherokee’s maximum generating capacity will meet up to 25 per cent of the state’s peak demand.