Neoen, the French renewables player, has raised debt financing from a consortium of 11 Australian and international lenders calling it one of the largest deals for renewable energy in Australia. It is also the largest portfolio financing for the French company.
It has raised AUD 1.1 billion debt to finance a 1.5 GW renewable energy assets portfolio. This comprises 3 operational solar and 4 wind assets in South Australia, New South Wales, Queensland and Victoria, and the under-construction Collie Battery Stage 1 with 219 MW/877 MWh in Western Australia.
Neoen said with this debt, it will be able to refinance close to AUD 700 million of single asset-level debt. Remaining proceeds will be used to finance new assets, initial of which is the Collie Battery project that has a 197 MW/4-hour capacity services contract with the Australian Energy Market Operator (AEMO).
The 3 operational solar farms for which this financing is to be used are 128 MW Numurkah Solar Farm in Victoria, 460 MW Western Downs Green Power Hub in Queensland, and 189 MW Coleambally Solar Farm in New South Wales.
Lenders include ANZ, Bank of China, Clean Energy Finance Corporation, CBA, China Construction Bank Corporation, The Hongkong & Shanghai Banking Corporation, ING, Mizuho, MUFG Bank, Societe Generale and Westpac.
"This transaction demonstrates the unique combined value of our portfolio and strengthens our business model of long-term owner and operator. It provides a solid foundation for achieving our ambition of 10 GW in Australia by 2030," said Neoen Australia CEO Louis de Sambucy.
Neoen aims to expand its present capacity of 3.75 GW to 10 GW of operational or under-construction renewable capacity in the country by 2030.
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