International recognition for Moree solar financing transaction
25 March 2015
The Moree Solar Farm, being developed by Fotowatio Renewable Ventures (FRV) and financed by Australia's Clean Energy Finance Corporation (CEFC), has been named IJ Global's 2014 Asia Pacific Solar Transaction of the Year.
IJ Global, a prestigious publication in the global project and acquisition finance space, said the Asia Pacific awards recognise excellence, achievement and innovation in energy and infrastructure finance. The awards focus on market-leading transactions in their sectors and the leading firms and institutions in the market.
CEFC CEO Oliver Yates said: "By providing $47 million in senior debt financing for the Moree Solar Farm, we created a precedent in the Australian market for financing large-scale solar PV on a merchant basis. This award reflects how the CEFC is playing an important role in addressing financing barriers that enable projects to proceed which are critical to our clean energy future."
The Moree Solar Farm is a large-scale solar PV plant, currently under construction. When complete, it is expected to generate enough power for about 15,000 homes, and abate more than 95,000 tonnes of carbon emissions.
The farm has received additional funding from the Australian Renewable Energy Agency (ARENA). The 350 hectare, 56 MW operation uses single-axis tracking technology so its 250,000 solar PV panels can tilt to face the sun as the earth rotates. The technology has the potential to produce 30 per cent more energy than a farm using fixed position panels.
(UPDATE: Moree Solar Farm began generating solar power in March 2016 and FRV secured a PPA with Origin)
ABOUT FOTOWATIO RENEWABLE VENTURES (FRV)
FRV is a leading global solar development company with approximately 3GW of active project development in the emerging solar markets including Australia, the Middle East, Africa and Latin America. Such markets are primarily characterised by the fact that solar power generation can be provided at cost less than the marginal cost of power and/or have broad support for the development of solar power.
Since 2006, the management team has completed the construction, operation, maintenance and financing of over 450 MW of photovoltaic and CSP solar energy plants. Such projects represent more than $2 billion in total financings with more than 20 leading banks. Denham Capital, an energy and resources focused private equity firm with more than $7.9 billion in invested and committed funds, is a majority shareholder in FRV.
ARENA was established by the Australian Government as an independent agency on 1 July 2012 to make renewable energy technologies more affordable and increase the amount of renewable energy used in Australia. ARENA invests in renewable energy projects, supports research and development activities, boosts job creation and industry development, and increases knowledge about renewable energy.
Media release, 2015