Neoen, one of the world’s leading and fastest-growing producers of exclusively renewable energy, has completed financial close on Western Downs Green Power Hub, a 460 megawatt (MW) solar farm located near Chinchilla in South West Queensland.
Entirely owned by Neoen, Western Downs will be the largest solar farm in Australia, delivering clean energy into Queensland’s Powerlink’s transmission network and bringing significant economic benefits to the region.
The financing of Western Downs was completed five months after Neoen secured a 352MWp power purchase agreement with CleanCo Queensland, in one of Australia’s most substantial renewable contracts to date.
The project will contribute over 30 per cent of the energy required for CleanCo to meet its target of 1.0GW of new renewable energy generation by 2025.
CleanCo is focused on activities that contribute to achieving the sunshine state’s 50 per cent renewable energy target by 2030 and create new investment and jobs in regional Queensland.
Xavier Barbaro, Neoen’s Chairman and Chief Executive Officer said: “We are excited to be extending our Australian footprint into the great sunshine state of Queensland.
“At 460 MWp it will be the largest solar farm in our global portfolio and will take our total operating capacity in Australia to over 1.5GW.”
The Western Downs solar project is one of a number of huge renewable energy projects contracted by various Queensland government owned utilities in the months leading up to this weekend’s crucial state election.
Total project costs will amount to approximately $600 million, with debt provided by a syndicate of seven lenders: Natixis, Société Générale, Sumitomo Mitsui Banking Corporation, MUFG Bank, NORD/LB, HSBC and Commonwealth Bank of Australia.
Mr Bartbaro commented: “The financing of Western Downs Green Power Hub in the current environment demonstrates again how our business model of long-term ownership provides confidence to our lenders.”
Louis de Sambucy, Neoen Australia’s Managing Director said: “We are delighted to announce that Western Downs Green Power Hub has reached this important financial milestone.
“It represents a major achievement in a challenging environment.
“We are extremely proud to be partnering with CleanCo and Powerlink and we’re looking forward to playing our part in helping Queensland reach its ambitious target of 50 per cent renewable energy by 2030.”
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