Edify Energy and international investor Wirsol Energy Limited have achieved the financial closure for three solar parks totalling 165 MW in Australia.
Financing partners The Clean Energy Finance Corporation, Commonwealth Bank and Nord LB committed to a syndicated AUD230 million (US$174 million) senior debt facility for the project.
The portfolio of solar projects include both located in Queensland, the 57.5-MW Whitsunday solar farm and the 57.5-MW Hamilton solar farm, and one in Victorio the 50-MW Gannawarra facility. The projects are scheduled to be completed by the first quarter of 2018.
The projects also secured a range of power purchase agreements and grant funding. The Whitsunday Solar Farm is supported by ARENA through the award of a grant of up to AUD9.5 million and the Queensland Government by the way of a 20-year power purchase agreement under its Solar 150 program. The Gannawarra solar farm entered into a 13-year purchase agreement with EnergyAustralia and will be the first large-scale solar farm in Victoria.
Construction works on the solar facilities are schedulled to start soon. The Queensland sites will be built by Bouygues Construction Australia, while the Victoria project will be constructed by Australia's RCR Tomlinson Ltd.