Financial Close For 300 MW AC Solar Farm In Australia’s NSW

300 MW AC Walla Walla Solar Plant Of FRV Australia, Contracted By Microsoft, Becomes Largest PV Project Financed By CEFC To Date

Financial Close For 300 MW AC Solar Farm In Australia’s NSW

CEFC has helped FRV Australia achieve financial closure for its Walla Walla Solar Farm. Pictured is Moree Solar Farm of FRV that was also financed by CEFC. (Photo Credit: Fotowatio Renewable Ventures)

  • CEFC has made its largest project financing to date for a solar farm with $100 million commitment
  • It has been awarded to FRV’s 300 MW AC Walla Walla Solar Farm in Riverina region of NSW
  • The facility is contracted to supply clean energy to Microsoft’s data centers in the country under a 15-year PPA

Australian government’s Clean Energy Finance Corporation (CEFC) has shelled out $100 million for 300 MW AC Walla Walla Solar Farm of Spain’s Fotowatio Renewable Ventures (FRV) Australia as the largest solar farm to be project financed by the agency to date.

Other funders of this facility are ING and the Export Development Canada.

“With global pressure on supply chains forcing construction costs up, and the effect of covid lockdowns on manufacturing further increasing prices, CEFC capital remains available to ensure that these short-term challenges do not derail the achievements of the past decade,” said CEFC Head of Solar and Battery Storage Niall Brady.

CEFC counts this project as its 3rd investment in large scale energy generation in last 2 months.

With this, FRV Australia has now achieved financial closure for the project that’s due to come up in Riverina region, near Albury in New South Wales (NSW). The project is contracted by Microsoft under a 15-year power purchase agreement (PPA) to supply clean energy to its Australian data centers as it targets to go 100% renewable by 2025.

FRV says the PPA was instrumental in the company achieving financial close on the solar farm. It expects the facility to generate up to 250 jobs during construction phase. It will be built by Gransolar under a joint venture (JV) with China’s Chint Solar.

It is the Spanish company’s 5th solar farm in NSW and its 10th in Australia, altogether representing over 1 GW capacity. FRV Australia is partly owned by Canadian pension fund OMERS Infrastructure (see Canadian Pension Fund Invests In FRV).

About The Author

Anu Bhambhani

SENIOR NEWS EDITOR Anu is our solar news whirlwind. At TaiyangNews, she covers everything that is of importance in the world of solar power. In the past 9 years that she has been associated with TaiyangNews, she has covered over thousands of stories, and analysis pieces on markets, technology, financials, and more on a daily basis. She also hosts TaiyangNews Conferences and Webinars. Prior to joining TaiyangNews, Anu reported on sustainability, management, and education for leading print dailies in India. [email protected]

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