Greece's Mytilineos closes funding on 120 MW of Aussie solar farms

Nov 19, 2021 12:30 PM ET
  • Greek commercial group Mytilineos SA (FRA: MYH) on Thursday stated it has reached economic close on a trio of solar farms in New South Wales, Australia with an incorporated capability of 120 MWp.
Greece's Mytilineos closes funding on 120 MW of Aussie solar farms
Image: NSW Department of Planning and Environment

The company ended non-recourse funding of the solar plants with Australia as well as New Zealand Banking Group Ltd (ANZ), Societe Generale and Sydney-based Westpac Banking Corp

Mytilineos claimed its Renewables & Storage Development (RSD) business device finished construction of the Corowa, Junee and also Wagga centers, each with a capability of 40 MWp, in the first half of 2021.

Australian retailer Coles Group Ltd (ASX: COL) is purchasing the majority of the projects' power as well as Large-Scale Generated Certificates (LGCs) under a 10-year power acquisition agreement (PPA), which was introduced in 2019.

The financing is structured to permit funds to be drawn for each and every project at its commercial operation date (COD). It consists of a AUD-95 million (USD 69.2 m/EUR 61m) term funding for the project as well as AUD 9 million for secondary facilities, Mytilineos claimed.

The Greek business obtained the 120-MWp portfolio in 2019 as part of its access into the Australian market.

"Australia is a vital market for Mytilineos' worldwide renewables development technique, prolonging across the Asia-Pacific, Europe, as well as Latin America regions," noted Nikos Papapetrou, basic supervisor of the RSD company unit.

The business stated the rest of its Australian projects are getting to the maturity stage and will prepare to begin building throughout 2022.

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