Australia's largest solar farm to proceed as Neoen finishes AU$ 600m financing

• What stands to be Australia's biggest solar farm at 460MWp can currently proceed after Neoen settled a funding package for it.

The independent power producer (IPP) will now transfer to the website mobilisation stage of the Western Downs Green Power Hub in Q4 2020 after it accepted a funding plan worth AU$ 600 million to cover overall project costs, tapping a syndicate of seven financial companies for the offer.

Lenders supplying financial obligation for the project include Natixis, Sumito Mitsui Banking Corporation, MUFG Bank, Société Générale, NORD/LB, HSBC and also Commonwealth Bank of Australia.

Funding is underpinned by a power purchase agreement signed with neighborhood utility CleanCo Queensland for 352MWp of the project's general capacity, signed in May. The offer stands for among Australia's biggest renewable energy agreements to day, Neoen stated, adding more than 30% of CleanCo's target of procuring 1GW of renewable resource generation by 2025.

Louis de Sambucy, managing director at Neoen Australia, stated the close of funding stood for a "significant success in a difficult atmosphere".

"I would love to praise the team and also thank our bank team and also advisors for their trust and dedication. We are incredibly happy to be partnering with CleanCo and also Powerlink and also we're looking forward to playing our component in helping Queensland reach its ambitious target of 50% renewable energy by 2030," he claimed.

Sterling as well as Wilson was selected as the project's EPC contractor in May, leading design and also design works to begin the adhering to month. Building and construction is expected to last greater than a year, with the very first power generation slated for 2022.