FRV Australia secures AUS$1.2 billion refinancing facility for 1GW solar PV portfolio

July 31, 2024
Facebook
Twitter
LinkedIn
Reddit
Email
FRV Australia’s Dalby solar-plus-storage project (above) will be supported via this refinancing facility. Image: FRV Australia.

Developer Fotowatio Renewable Ventures (FRV) Australia has achieved the financial close of a AUS$1.2 billion (US$780 million) refinancing facility to support a 1GW portfolio of eight solar PV projects.

FRV Australia confirmed the facility will also finance the construction of FRV Australia’s first stand-alone battery energy storage system (BESS) project. The project, named Terang BESS, will be located in Victoria and have a total anticipated discharge capacity of 100MW and a storage capacity of 200MWh.

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

Once completed, the Terang BESS will provide additional stability to the electricity network as further variable renewable energy generation technologies are added. It will do this by storing power when there is a lot of energy available and releasing this stored energy when demand is higher. Canadian Solar and TEC-C are FRV’s delivery partners for the project.

The organisation, a part of Jameel Energy and the Canadian infrastructure fund OMERS, said the finance will currently support all solar PV plants in its portfolio and provide a foundation for further growth in the Australian market.

This includes numerous solar PV projects that PV Tech has covered in recent years, including the 125MW Lilyvale, 56MW Moree, 90MW Sebastopol, 83.7MW Goonumbla, 115MW Metz, 106MW Winton, 300MW Walla Walla and 2.45MWdc Dalby projects.

It is worth noting that the Dalby project was FRV Australia’s first solar-plus-storage project to come online. It features a 2.54MW/5MWh co-located BESS in a 30-hectare area.

The debt package includes a term loan that refinances the portfolio’s actual debt, a Letter of Credit (LC) facility, and a working capital facility.

Eleven financial institutions participated in the refinancing process, including ING Bank, Westpac Banking Corporation, MUFG Bank, Société Générale, Norddeutsche Landesbank, Mizuho Bank, Intesa Sanpaolo, United Overseas Bank, the Clean Energy Finance Corporation, China Construction Bank, and the Agricultural Bank of China.

Macquarie Capital acted as financial advisor on the transaction, White & Case acted as legal adviser for FRV and Allens for the lenders.

Carlo Frigerio, CEO of FRV Australia, said the refinancing represents a “significant milestone in our [FRV Australia’s] journey” and that it secures not only the future of its current operations but also provides “a strong foundation for our continued growth and commitment to developing renewable energy projects across Australia”.

Read Next

October 27, 2025
Australian solar developer, BNRG Leeson, has submitted plans for a 440MW solar PV facility in Victoria's Campaspe Shire to Australia’s Environment Protection and Biodiversity Conservation (EPBC) Act.
October 24, 2025
The Saudi state-owned renewables developer Masdar has begun construction on a giant solar-plus-storage project in Abu Dhabi.
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
Powerlink Queensland is seeking federal approval to expand its existing 330kV Bulli Creek Substation in Southern Queensland to accommodate the grid connection of Genex Power's 775MW Bulli Creek solar PV power plant.
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.

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