Solar developer Fotowatio Renewable Ventures – backed by Denham Capital Management LP – has closed financing on a 70MW project in Australia, according to Bloomberg New Energy Finance.
The plant, known as the Moree Solar Farm, is set to receive a grant of US$94.9 million from the Australian government and an unknown amount of debt financing from Clean Energy Finance Corp.
The farm, located in New South Wales, will be the first large-scale PV farm in Australia to utilise mechanical trackers to align panels with the sun. Construction is expected to begin immediately on the project, which will generate power for around 15,000 homes.
The financing move is a positive development for Australia, which has been embroiled in a war of words between the government and solar groups regarding spending cuts ever since Prime Minister Tony Abbot took office in September 2013.