FRV Australia accelerates clean energy project pipeline
Finance syndicate a foundation for further renewables and battery storage development
The CEFC is supporting a portfolio of FRV Australia assets representing nearly 1 GW of solar and 102.5 MW of battery storage capacity.
$90 million
CEFC commitment
1 GW
solar capacity
102.5 MW
battery storage
We are now in the critical decade to reduce emissions and accelerate the clean energy transition and the FRV portfolio of clean energy assets will help provide the renewable energy and storage we need to meet our targetsIan LearmonthCEO, CEFC
Our investment
The CEFC has committed $90 million to the financing of a portfolio of nine clean energy assets in NSW, Queensland and Victoria representing nearly 1 GW of PV capacity and 102.5 MW/ 205 MWh of battery storage capacity.
The CEFC commitment is part of a senior debt facility for Fotowatio Renewable Ventures (FRV) Australia which has also secured support from NG Bank, Westpac Banking Corporation, MUFG Bank, Société Générale, Norddeutsche Landesbank, Mizuho Bank, Intesa Sanpaolo, United Overseas Bank, China Construction Bank and Agricultural Bank of China.
The FRV Australia portfolio includes six operational solar farms, a hybrid solar and BESS project, and the Walla Walla Solar Farm, which is under construction in NSW.
The CEFC participation in the portfolio financing replaces its previous debt financing commitment to Walla Walla Solar Farm.
OUR IMPACT
Investing to unlock new clean energy projects
Australia needs to increase its grid-scale wind and solar capacity six-fold by 2050 to meet its net zero emissions target, according to the Australian Energy Market Operator 2024 Integrated System Plan.
CEFC investment in the renewable energy sector seeks to accelerate the development of projects that will back our low emissions 21st century electricity grid.
Portfolio financing attracts institutional investors
Pooling assets and refinancing them as portfolios enables developers to offer efficient, at-scale investment opportunities that are attractive to institutional investors seeking to diversify their portfolios.
The refinancing of renewable energy assets also allows developers to achieve better terms and free up capital to support new projects.
