Financial closure of three solar parks in New South Wales – pv magazine Australia
Greek energy company Mytilineos has finalized financing for three of its solar farms in the towns of Corowa, Junee and Wagga Wagga, in southern New South Wales, with a total of $ 104 million on loan from ANZ, Company Générale and Westpac.
The news marks Mytilineos’ first project funding in Australia and the first project funding of solar PV projects by the company’s Renewables and Storage Development (RSD) business unit. Mytilineos’ specific renewable energy unit was formed after the company acquired Metka EGN in 2019, along with its portfolio of NSW solar parks. The acquisition was part of Mytilineos’ strategic entry into the Australian market, which the company says will be key to its expansion into the Asia-Pacific region more broadly.
The financing of Mytilineos’ 120 MWp solar park portfolio is structured to allow “cash to be withdrawn for each project on its respective Commercial Operation Date (COD)” and includes a term loan of 95 million. dollars and a loan of $ 9 million for ancillary facilities, he said.
The company said it was successful in completing construction on the project in the first half of this year, apparently referring to its Corowa solar farm which became fully operational in June. Its other solar farm at Wagga Wagga announced in April that it would receive a 23 MW extension, although it is not clear if this has been completed. In its statement, Mytilineos said its remaining projects are reaching the “stage of maturity” with construction slated for 2022.
Whenever the solar farms come on stream, the majority of the electricity produced within Mytilineos’ portfolio will be sold to supermarket giant Coles under a 10-year Power Purchase Agreement (PPA). . The company expects the projects to produce 220 GWh per year.
In addition to this portfolio of 120 MWp of solar parks in NSW, Mytilineos also owns the 110 MW Moura solar farm in Queensland which it acquired in December 2020. That same month, the Greek company also purchased the 75 MW Wyalong solar farm in New South Wales. As of December 2020, the company’s Australian portfolio stood at 400 MW.
This content is protected by copyright and cannot be reused. If you would like to cooperate with us and would like to reuse some of our content, please contact: [email protected]