Refinancing for 1 GW solar in Australia: Fotowatio Renewable Ventures (FRV) Australia has achieved the financial close of its portfolio financing facility. The AUD 1.2 billion ($780 million) facility refinances its entire portfolio of operating and under-construction assets, comprising 8 PV plants with a combined capacity of around 1 GW. It includes a term loan and a working capital facility. FRV said this will guarantee not only the financial support for all the plants but also provide it with solid backing for future growth and development of new projects.
The refinancing came from 11 financial institutions, including ING Bank, Westpac Banking Corporation, MUFG Bank, Société Générale, Norddeutsche Landesbank, Mizuho Bank, Intesa Sanpaolo, United Overseas Bank, the Clean Energy Finance Corporation, China Construction Bank and Agricultural Bank of China.
Obton expands solar footprint in Japan: Denmark’s Obton A/S has announced the acquisition of Japanese renewable energy company BCPG for DKK 2 billion ($293 million). This strategic acquisition expands Obton’s operational solar portfolio in Japan to 400 MW. It targets to expand the share further to 1 GW within the next 5 years.
PPA for 50 MW AC in Bangladesh: A 68 MW DC/50 MW AC solar power plant sponsored by Germany’s ib vogt, the company’s 1st solar project in Bangladesh, has secured a power purchase agreement (PPA). The PPA has been signed between the Bangladesh Power Development Board (BPDP) and Power Grid Bangladesh PLC. BPDP will offtake power from the solar plant at around $0.1094/kWh for 20 years. On completion in H2 2025, ib vogt will provide EPC management and asset management to the plant that will be located in the north of the Chittagong District, near Baraiyarhat. It will be equipped with high-efficiency bifacial solar modules with a fixed-tilt substructure. The project will contribute to the country’s target to cover 40% of its power generation with clean power by 2041.
Founder Group goes the IPO way: Malaysian solar EPC company Founder Group Limited plans to raise up to $11 million through an initial public offering (IPO) with the US Securities and Exchange Commission (SEC) to list on Nasdaq. It plans to offer 2.5 million shares in a price range of $4.0 to $5.0/share. The prospectus can be found on the SEC’s website.
PPA for hybrid project in Australia: Australian off-grid power company Zenith Energy has secured a 15-year PPA with Lynas Rare Earths Ltd for a 65 MW hybrid renewable energy project in Western Australia. To be designed, built, owned, and operated and maintained by Zenith, it will power Lynas’ Mt Weld Mine near Laverton. It will comprise a 24 MW wind farm, a 7 MW solar PV farm and a 12 MW/12 MWh battery energy storage system (BESS). The Mt Weld Hybrid Power Station will be supported by a 17 MW high-efficiency gas-fired power station and 5 MW of standby diesel generation. The project has been designed to run ‘engine-off’ during periods of high renewable energy production and achieve an average annual renewable energy percentage of up to 70%, said Zenith. It will be progressively completed with the diesel and gas facilities completed in 2025, followed by the wind farm coming online in 2026, and solar and BESS to be installed later. Full operations are scheduled in CY 2026.
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