Solar developer Fotowatio Renewable Ventures (FRV) Australia has secured financial close on a 300MW solar farm in New South Wales, Australia.
Funding is provided in the form of a green loan by bank firm ING, the Australian government’s Clean Energy Finance Corporation (CEFC) and the Export Development Canada.
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Although FRV Australia has not disclosed the amount of the financial close, CEFC announced it has committed A$100 million (US$66.7 million) to the Walla Walla solar farm and raised its total renewable energy projects commitments to A$3.03 billion for 5.1GW of solar and wind capacity.
This marks the largest solar farm to be project financed by the CEFC and its third large-scale renewable energy investment in the past two months, which included A$75 million to accelerate renewables developer ACEN Australia’s 8GW portfolio in Australia.
Carlo Frigerio, managing director at FRV Australia, said: “With the support of all parties involved, we were able to navigate the procurement challenges that affected our industry during the past year, and we are now ready to deliver another high-quality project that will be added to our portfolio, which now reaches 1GW in Australia.”
Construction will be carried out by a joint venture (JV) formed by Spanish EPC Gransolar and developer CHINT Solar, while a 15-year power purchase agreement (PPA) was secured last year with tech giant Microsoft, which will use the solar farm to power its data centres in Australia.
Moreover, this is the fifth solar farm developed by FRV Australia in New South Wales and the tenth in Australia with a total capacity over 1GW.
