Renewable energy developer Acen Australia has completed an AU$750 million (US$472 million) debt financing for a growing 13GW renewable energy and storage development pipeline.
Acen Australia revealed today (14 April) that a group of 11 Australian and international lenders supported the transaction, including ANZ Banking Group, Commonwealth Bank of Australia, Cathay United Bank, CTBC Bank, Deutsche BankDBS Bank, HSBC, MUFG Bank, SMBC, UOB, and Westpac.
Unlock unlimited access for 12 whole months of distinctive global analysis
Photovoltaics International is now included.
- Regular insight and analysis of the industry’s biggest developments
- In-depth interviews with the industry’s leading figures
- Unlimited digital access to the PV Tech Power journal catalogue
- Unlimited digital access to the Photovoltaics International journal catalogue
- Access to more than 1,000 technical papers
- Discounts on Solar Media’s portfolio of events, in-person and virtual
Or continue reading this article for free
These organisations were advised on the deal by global law firm Herbert Smith Freehills. Law firm Allens acted as the legal advisor for Acen Australia.
Acen Australia managing director David Pollington hailed the financing, stating that it creates a “robust funding base for the company’s diverse portfolio of wind, solar, pumped hydro and battery storage projects, which includes more than 1,000MW of renewable capacity in operation and under construction, and a further 13GW in development across the National Electricity Market (NEM).”
Additionally, the financing will support the ‘near-complete’ 400MW Stubbo Solar project and the 720MW New England solar PV power plant in New South Wales. The New England plant, which is divided into two stages, saw its first stage operational in March 2023.
The second stage of the New England plant involves the construction of a co-located 400MWh battery energy storage system (BESS), which started in February 2025. The New England project supplies energy to Japanese-owned drinks company Asahi Beverages and not-for-profit care company BaptistCare via a power purchase agreement inked in July 2024.
It is also set to play an integral role in a tri-party deal that will see industrial gas supplier BOC Australia replace 45% of its grid power needs with solar-derived renewable energy.
Meanwhile, the Stubbo PV project is located in the Central-West Orana Renewable Energy Zone (REZ), which recently set its sights on construction later this year. Its approval contains provision for a 200MWh battery energy storage system, which Acen said will contribute to the area’s grid stability by storing and distributing renewable energy at peak times.
Acen Australia’s solar PV portfolio
Acen Australia has several solar PV power plants currently under development across the country, including a co-located BESS to optimise its performance.
One such project is the 100MW Cooma solar-plus-storage project in New South Wales, which was submitted to the EPBC Act in January 2025. The site includes a 180MW/360MWh 2-hour duration BESS, with units around 3.5m high and an active gas-fired fire protection system.
The project’s operational lifespan is 30 years, with the potential for upgrades, including repowering the plant. The project area stands at 290 hectares. A scoping report for the project was submitted in July 2024.
Acen Australia is also pursuing the 600MW Birriwa solar-plus-storage project in New South Wales, having secured federal approval in September 2024. The project will include a centralised BESS with a capacity of up to 600MW/1,200MWh and a duration of 2-hours. This setup will allow the excess electricity generated by the 600MW solar PV component of the project to be stored and released during peak demand periods.
Acen Australia was granted approval for the project by the New South Wales Independent Planning Commission (IPC) in August.
