Central West Orana Renewable Energy Zone

The Central West Orana Renewable Energy Zone (CWO REZ) Network Operator Package is the largest greenfield PPP in New South Wales’ history and one of the largest PPPs ever globally, measured by total private capital for over A$5.5 billion in development and construction costs.

The project was delivered by a world first, Regulated Concession Model, an innovative hybrid regulated PPP which was developed by the NSW Government to drive the lowest cost to energy consumers. 

Under this novel framework, Capella Capital innovatively structured the finance to minimise costs to consumers and ensure intergenerational equity. Spanning an extended time from bid submission in November 2022 to Financial Close in April 2025, Capella collaboratively worked with ACE Energy, EnergyCo, the Australian Energy Regulator and other stakeholders to achieve Financial Close.

The REZ is approximately 20,000 square kilometres centred by Dubbo and Dunedoo, on the land of the Wiradjuri, Wailwan and Kamilaroi people and will initially unlock at least 4.5 gigawatts of new renewable (solar and wind) network capacity by the late-2020s. 

The REZ is expected to attract up to $25 billion in private investment and is forecast to support an annual average of about 1,850 direct jobs in the local area during construction, and 930 ongoing operational jobs from 2034.

Considering the capital raised, the complexity of the new commercial model, and in an environment where new transmission networks had not been built for 50 years, the Project has set a remarkably high benchmark in the global finance market.