Spanish renewables developer Acciona Energía has closed an AU$453 million (US$287 million) loan facility for a 480MWp solar PV plant in Queensland, Australia.
The facility was secured through four banks, which acted as mandated lead arrangers, namely Banco Santander, BNP Paribas, ING and J.P. Morgan.
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Construction of the project – called Aldoga Solar Farm – started in late 2023, while commercial operation is expected to begin by mid-2026.
A 15-year power purchase agreement with Queensland’s energy company, Stanwell Corporation, has already been secured when the company unveiled the start of the project’s construction.
The Spanish developer is responsible for the development, engineering, construction, management, operation and maintenance of the project.
Total investment of the PV plant is estimated at AU$670 million. US solar tracker manufacturer Nextracker will provide the trackers for the 480MWp Aldoga solar park which will have 820,000 solar panels installed.
Accion breaks sod on 176MW PV plant in the Philippines
In other related news, the Spanish developer started construction on a 176MWp solar PV plant in the Philippines.
Located on the island of Cebu, the Daanbantayan solar plant, the project represents an investment of €120 million (US$131 million) and is scheduled to be operational in late 2026.
A battery energy storage system (BESS) will be co-located with the project, however the company did not disclose the BESS capacity or output.
According to the company, this project represents the country’s first public-private partnership in the energy sector for the power distribution of the plant.
Furthermore, this represents the first solar PV project for the Spanish developer in the Southeast Asian country.
