Australia's Edify Energy and leading international renewable energy investor Wirsol have constructed three large scale solar farms that add a combined 165MW of capacity to the national electricity grid.
The solar farms are:
All three projects are generating and exporting energy to the grid.
The CEFC has committed a total of $77 million to the three projects and its loan is part of a $230 million syndicated senior debt facility that also involves Commonwealth Bank and Germany's NORD/LB. The Whitsunday project also receives up to $9.5 million in grant funding from the Australian Renewable Energy Agency (ARENA), as part of its large-scale solar funding round.
The Commonwealth Bank's involvement marks a significant turning point for large-scale solar financing in Australia. The Commonwealth Bank worked alongside the CEFC to compete the financing over a longer tenor, which is notable given the merchant price risk component of the project.
The two Queensland-based projects reflect the CEFC's focus on delivering clean energy solutions in the Great Barrier Reef catchment area, as part of the CEFC's Reef Funding Program.
Queensland, Victoria, Solar, Renewable energy