CEFC provides AU$98m debt financing for largest solar park in Victoria

October 3, 2017
Facebook
Twitter
LinkedIn
Reddit
Email
CEFC was the sole debt financier of the project. Credit: Victoria government

Just after UK-based Foresight Solar Fund bought a 48.5% stake in the Bannerton solar plant in Victoria, the Clean Energy Finance Corporation (CEFC) has announced AU$98 million (US$77 million) in debt finance for the project.

Construction on Victoria's largest solar farm, which stands at 88MW(AC),110MW(DC) capacity, is about to begin as a result of the financing. The project is located at Almas Almonds in Victoria's Sunraysia district.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

CEFC CEO Ian Learmonth said the CEFC was the sole debt financier of the project and it hopes to accelerate its development and capitalize on the rapidly falling cost of constructing solar in Australia.

Learmonth said: “Previously it wasn't viable to construct solar of this scale in Victoria, which has good insolation rates, but not as high as the northern states. We have witnessed rapidly improving economic conditions that now make this project commercially viable without the need for grant funding.”

Under an agreement with the Victorian Government, the Bannerton Solar Park will provide power for Melbourne's tram network. A significant proportion of the project’s generation has also been contracted in separate agreements with Alinta Energy and the Victorian Government. 

The project is being developed by a JV between UK-based private equity investment manager Foresight Group and Victoria-based developer Syncline Energy. 

Equity will be provided by Foresight Solar Fund Limited (FSFL) and Korea’s KIAMCO, who both have a 48.5% stake. Korea’s Hanwha Energy will provide the remaining 3%.

Bannerton is the CEFC's second investment in a solar farm in Victoria. In March this year, the CEFC committed finance to Edify Energy's 50MW(AC) Gannawarra Solar Farm, west of Kerang. Earlier, the CEFC also committed AU$67 million in senior debt financing to the Ararat Wind Farm, as well as AU$73 million to finance the final stage of the Portland Wind Farm in south west Victoria. 

Read Next

Sponsored
October 23, 2025
Tongwei's rooftop-focused TNC 2.0 G12R-48 module will be among the products on show at All Energy Australia next week.
October 23, 2025
Spanish power electronics specialist Ingeteam has won a contract to supply inverters and control systems for European Energy Australia's 100MW Winton North solar-plus-storage project in northeast Victoria.
October 23, 2025
Queensland's rooftop solar systems have exceeded 5GW of output for the first time, marking a milestone in Australia's solar expansion.
October 22, 2025
The Queensland government has launched the Social Licence in Renewable Energy Toolkit, providing local councils in Australia with resources to navigate renewable energy project engagement and community consultation processes.
October 21, 2025
Australia's solar-plus-storage sector gained momentum with 725MW of solar PV approvals advancing across New South Wales and Queensland.
October 21, 2025
Luminous Robotics has successfully completed its first international deployment of AI-powered solar installation robots at Engie’s 250MW Goorambat East Solar Farm in Victoria, Australia.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK
Solar Media Events
March 10, 2026
Frankfurt, Germany
Solar Media Events
March 24, 2026
Lisbon, Portugal