IPPToday #337: US$320 million financing secured for 330 MW solar project in Australia
- Edify Energy
- Octopus Investments
- Delta Electricity
- Signal Energy Constructors
- Canadian Solar
- Commonwealth Bank of Australia
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Edify Energy has announced that it has arranged more than AUD450 million (US$316.9 million) to finance the 333 MWDC (275 MWAC) Darlington Point Solar Farm, set to be the largest solar power station in Australia, in partnership with Octopus Investments.
Located at Darlington Point, near Griffith in New South Wales, construction of the solar farm will commence shortly. Once operational it will generate 685,000 MWh of renewable energy each year – enough to power around 115,000 homes. Generation is expected to start in early 2020.
Approximately 55% of the farm's output will be sold to Delta Electricity under a long-term power purchase agreement (PPA).
Darlington Point is Octopus Investments’ first deal since entering the Australian market in 2018. Edify Energy developed and structured the project and are retaining an equity stake.
Edify will work with Octopus through construction and will undertake the long-term asset management service for the solar farm through operations. Signal Energy Australia has been awarded the EPC Contract for the project in a joint-venture with Canadian Solar, which will perform the O&M role.
The Commonwealth Bank of Australia and Westpac will jointly provide debt to the project.